If a transaction at a lower tier is subject to your approval, you as an agency official may not approve—

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(a) A covered transaction with a person who is currently excluded, unless you obtain an exception under § 1471.120; or

(b) A transaction with a person who is disqualified from that transaction, unless you obtain a waiver or exception under the statute, Executive order, or regulation that is the basis for the person’s disqualification.