Lapsed
A global legal entity identifier registration that has not been renewed and has exceeded any allowed grace period for renewal.
After being issued an LEI, an entity must regularly do the following:
- Periodically verify the continued accuracy of its registration reference data that is recorded in the LOU that is responsible for managing the LEI registration of the entity, updating any aspect of the registration reference data that has changed;
- Periodically renew its LEI registration agreement with the LOU, paying the renewal fee.
(Although both of the above actions are typically performed at the same time, it is certainly possible that the frequency of each action could be different.) If, after being issued an LEI,
- A legal entity fails to renew and re-certify its LEI registration with the LOU responsible to manage the registration by the leiNextRenewalDate, and
- The legal entity fails to do so for a pre-determined (as yet unspecified) period of time, and
- The legal entity is not known by public sources to have ceased operation
Then
1. The leiRegistrationStatus is set to LAPSED,
2. Updates to the LEI registration are permitted, notably to reinstate the registration to the ISSUED status.