The U.S. Department of Justice has announced a new Mergers & Acquisitions Safe Harbor Policy for companies that voluntarily and timely self-report misconduct discovered during the due diligence of an acquisition target or the integration of an acquired entity. The policy offers substantial benefits—including the presumption of a declination of prosecution—to acquiring companies that self-report misconduct, regardless of whether the misconduct was discovered pre- or post-acquisition. This policy will likely have a significant impact on how companies engage in diligence and how they allocate risks associated with disclosure of misconduct to the DOJ.