---
kind: "section"
citation: "31 C.F.R. § 19.415"
title: "31"
number: "19.415"
heading: "What must I do if a Federal agency excludes the participant or a principal after I enter into a covered transaction?"
url: "https://uscodex.org/cfr/31/19.415"
---

# §19.415. What must I do if a Federal agency excludes the participant or a principal after I enter into a covered transaction?

- (a) You as an agency official may continue covered transactions with an excluded person, or under which an excluded person is a principal, if the transactions were in existence when the person was excluded. You are not required to continue the transactions, however, and you may consider termination. You should make a decision about whether to terminate and the type of termination action, if any, only after a thorough review to ensure that the action is proper.
- (b) You may not renew or extend covered transactions (other than no-cost time extensions) with any excluded person, or under which an excluded person is a principal, 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.