Application completeness: deficient FVCI registration applications may be rejected by depository participant, with Board reconsideration except for technical defaults. Incomplete, false or otherwise non-compliant applications for foreign venture capital investor registration are deemed deficient and may be rejected by the designated depository participant after affording the applicant a reasonable opportunity to remove deficiencies; the participant must communicate rejection grounds in writing. Applicants may apply to the Board for reconsideration, except where rejection stems from technical defaults like non-submission of documents or non-payment of fees, and the Board will reconsider after giving a reasonable opportunity of being heard and communicate its decision in writing.