---
kind: "section"
citation: "22 C.F.R. § 1508.405"
title: "22"
number: "1508.405"
heading: "May I enter into a covered transaction with a participant if a principal of the transaction is excluded?"
url: "https://uscodex.org/cfr/22/1508.405"
---

# §1508.405. May I enter into a covered transaction with a participant if a principal of the transaction is excluded?


As an agency official, you may not enter into a covered transaction with a participant if you know that a principal of the transaction is excluded, unless you obtain an exception under [§ 1508.120](/cfr/22/1508.120.md).


## Notes

### Authority

Authority: Sec. 2455, Pub.L. 103-355, 108 Stat. 3327; E.O. 12549, 3CFR, 1986 Comp., p.89; E.O. 12689, 3CFR, 1989 Comp., p. 235.

### Source

Source: 68 FR 66590, 66592, Nov. 26, 2003, unless otherwise noted.