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    <title>Procedure where certificate is not granted</title>
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    <description>If an FPI certificate application does not meet requirements, the designated depository participant may reject it after giving a reasonable opportunity of being heard and must communicate the grounds for rejection in writing; the applicant may apply to the Board for reconsideration within thirty days, and the Board will consider submissions, provide a reasonable opportunity of being heard, and convey its decision in writing.</description>
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      <description>If an FPI certificate application does not meet requirements, the designated depository participant may reject it after giving a reasonable opportunity of being heard and must communicate the grounds for rejection in writing; the applicant may apply to the Board for reconsideration within thirty days, and the Board will consider submissions, provide a reasonable opportunity of being heard, and convey its decision in writing.</description>
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