When do I check to see if a person is excluded or disqualified?

As an agency official, you must check to see if a person is excluded or disqualified before you— (a) Enter into a primary tier covered transaction; (b) Approve a principal in a primary tier covered transaction; (c) Approve a lower tier participant if agency approval of the lower tier participant is required; or (d) Approve a principal in connection with a lower tier transaction if agency approval of the principal is required.