CFR /  Title 31  /  Part 19  /  Sec. 19.305 May I enter into a covered transaction with an excluded

(a) You as a participant may not enter into a covered transaction with an excluded person, unless the Department of the Treasury grants an exception under Sec. 19.120.

(b) You may not enter into any transaction with a person who is disqualified from that transaction, unless you have obtained an exception under the disqualifying statute, Executive order, or regulation.