Application deficiency and rejection: incomplete or misleading FPI applications may be rejected after opportunity to rectify. An application for a certificate of registration as a foreign portfolio investor that is incomplete, false, misleading, or non-compliant is liable to be rejected by the designated depository participant after giving the applicant a reasonable opportunity to be heard and to remove deficiencies; the rejection must be communicated in writing with grounds, and the applicant may seek reconsideration by the Board except where rejection arose from technical non-compliance such as missing information, documents or fees.