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.