Well I was just notified that my badge: fieldless, a Cyrillic E vert, surmounted by a baronial coronet argent, was being returned by Laurel because there is a rule about registering monograms as badges.
So despite being told several years ago that initials could be submitted, my badge can't pass.
But, I'm going to keep using it under the unwritten rule that "if I can't pass it, no one else can".