Glossary of Terms

Glossary of Terms

Disclaimer: Terms in this glossary are provided for general information only and should not be taken as constituting professional advice from the website owner – the Australian Securities and Investments Commission (ASIC).


The words in brackets do not form part of the term. Where 'Business names' and/or 'SMSF auditors' appears in brackets alongside a term, this denotes the definition is only to be used in reference to the relevant register. These terms do not apply to any other ASIC services.

Viewing entries beginning with 'M'

Managed investment scheme

Also known as 'managed funds', 'pooled investments' or 'collected funds', managed investment schemes generally:

  • bring people together to contribute money to get an interest in the scheme 
  • pool money together with that of other investors (often many hundreds or thousands of investors) or use money in a common enterprise, and 
  • are operated by a 'responsible entity'. Investors do not have day to day control over the operation of the scheme.

Member (shareholder)

A member owns shares in a company. The member is not liable for company debt. Their only financial obligation is to pay any amount unpaid on their shares if they are called to do so.

Messages (Business names)

Communication ASIC sends to business name holders or their agents. For example, these can be through letters, notices, emails and telephone calls.

Minimum requirements (insurance) (SMSF auditors)

The amount and terms of cover that ASIC requires to be included in the insurance coverage.