---
kind: "section"
citation: "31 C.F.R. § 19.405"
title: "31"
number: "19.405"
heading: "May I enter into a covered transaction with a participant if a principal of the transaction is excluded?"
url: "https://uscodex.org/cfr/31/19.405"
---

# §19.405. 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 [§ 19.120](/cfr/31/19.120.md).


## Notes

### Authority

Authority: Sec. 2455, Pub. L. 103-355, 108 Stat. 3327 (31 U.S.C. 6101 note); E.O. 11738 (3 CFR, 1973 Comp., p. 799); E.O. 12549 (3 CFR, 1986 Comp., p. 189); E.O. 12689 (3 CFR, 1989 Comp., p. 235).

### Source

Source: 68 FR 66544, 66605, 66607, Nov. 26, 2003, unless otherwise noted.