15 C.F.R. § 971.409
(b) When the Administrator proposes to deny issuance or transfer, he will send to the applicant, via certified mail, return receipt requested, and publish in the Federal Register, written notice of his intention to deny issuance or transfer. The notice will include:
(2) If the basis for the proposed denial is a deficiency which the Administrator believes the applicant can correct:
(c) The Administrator will deny issuance or transfer: