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In an SQL-type event action, placeholders like #TODAY# or #PERSON_NAME# don't get substituted the way &PARAM_NAME event parameters do.

Answer

These are two genuinely separate substitution systems, not one syntax with two spellings — event parameters (the & syntax) are specific to that event's own message/subject/command text, while the # syntax refers to Context Substitution Variables (defined centrally under Solution Manager) intended for use in searches, lobbies, and similar UI contexts, not interchangeably inside PL/SQL event-action code.

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