19.315—May I use the services of an excluded person as a principal under a covered transaction?
(a)
You as a participant may continue to use
the services of an excluded person as a principal
under a covered transaction if you were using the
services of that person in the transaction before
the person was excluded. However, you are not
required to continue using that person's services
as a principal. You should make a decision about
whether to discontinue that person's services only
after a thorough review to ensure that the action
is proper and appropriate.
(b)
You may not begin to use the services of an
excluded person as a principal under a covered
transaction unless the Department of the Treasury
grants an exception under § 19.120.