This chapter situates the emergence of leniency programmes in competition law in the broader context of contemporary trends in business regulation. It is suggested that although leniency programmes are a distinctive form of regulatory intervention, they do exhibit a family resemblance with other regulatory mechanisms that have emerged in the last two decades in other fields of business regulation, and that similar trends, pressures and effects can be seen across different regulatory contexts. The four trends highlighted are a shift towards some form of negotiated justice, a new emphasis on regulatory experimentation, the creation of new forms of transnational legal risk, and the emerging importance of regulatory networks. The intention of this chapter is not to blur the distinction between these different developments, but rather to suggest that by locating leniency in the context of these broader trends, we can deepen our understanding of the significance of these developments.