19.205—Why is it important if a particular transaction is a covered transaction?
The importance of a covered transaction depends
upon who you are.
(a)
As a participant in the transaction, you
have the responsibilities laid out in Subpart C of
this part. Those include responsibilities to the
person or Federal agency at the
next higher tier from whom you received the
transaction, if any. They also include
responsibilities if you subsequently enter into
other covered transactions with persons at the
next lower tier.
(b)
As a Federal official who enters into a
primary tier transaction, you have the
responsibilities laid out in subpart D of this
part.
(1)
The person who entered into the transaction
with you allows you to continue your involvement
in a transaction that predates your exclusion, as
permitted under § 19.310 or § 19.415; or
(2)
A(n) Department of the Treasury official
obtains an exception from the Secretary of the
Treasury to allow you to be involved in the
transaction, as permitted under § 19.120.