Task: Instance Description Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes the instance 'lapsed status'?

A. status indicating that the registration is for an entity that has ceased operation, without having been merged into another entity
B. status indicating that the registration is about to be transferred to a different registration authority, after which its registration status will revert to a non-pending status
C. status indicating that the registration that has not been renewed by the specified renewal date and is not known by public sources to have ceased operation as of the last update
D. status indicating that the registration is for an entity that has been merged into another legal entity, such that this legal entity no longer exists as an independently operating entity

Answer: status indicating that the registration that has not been renewed by the specified renewal date and is not known by public sources to have ceased operation as of the last update