I thought that for a long time too, because everyone says that. But I read it on FINRA's site one day. Then I thought to myself, nobody ever posts a link proving that they have to approve it. Hmmm? (Just wasn't thinking when I posted that before.)
It's just like the "you can't R/S more than once a year" thing. I know that's not true either, I've seen it done 3 times in less than 2 years.