Refusal of registration: applicants can be heard, must be notified, and must cease advisory activity while client liabilities remain. The Board may reject an application for registration after giving the applicant a reasonable opportunity of being heard; the decision must be communicated to the applicant within the prescribed period. Where registration is rejected by the Board, the applicant shall forthwith cease to act as an investment adviser, provided that this does not affect the applicant's liability towards existing clients under law.