Section 25942 - Power of council to levy tax(a) The councils of said cities of the second class shall be, and they are hereby, authorized, empowered, and directed to fix the amounts of money which will be required to defray all the various expenses necessary for conducting the various departments, and also to fix the amounts of money necessary for the payment of the interest and principal upon the indebtedness of said cities, and the separate indebtedness of any portion or division thereof, and for all other municipal purposes; and said councils are hereby authorized, empowered, and directed, annually, to cause a tax sufficient for all of said purposes to be levied and collected out of the estate, real and personal, subject to taxation within said cities.(b) A city of the second class shall have no power to impose, levy or collect a business privilege tax, mercantile license tax or any tax on or measured by gross receipts of any regulated financial services institution. A regulated financial services institution is:(1) an entity that is registered as a broker/dealer under the Securities Exchange Act of 1934 (48 Stat. 881, 15 U.S.C. § 78a et seq.) or the act of December 5, 1972 (P.L. 1280, No. 284), known as the "Pennsylvania Securities Act of 1972"; or(2) an entity that is affiliated with a broker/dealer described in clause (1) to the extent that the entity provides investment fund-related management or administrative services. Administrative services include fund administration and compliance services; transfer agency services; shareholder services; custodial services; clearing services; fund, portfolio and participant accounting services; and computer processing, programming, systems development and maintenance and other systems-related and consulting services. Management services include fund asset management and investment advisory services. Investment funds include investment companies registered under the Investment Company Act of 1940 (54 Stat. 789, 15 U.S.C. § 80a-1 et seq.); individually managed investment portfolios; and assets maintained under employe welfare or benefit plans, whether or not such plans are qualified under the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 1 et seq.). An entity is affiliated with a broker/dealer if the entity is, directly or indirectly, in control of, controlled by or under common control with the broker/dealer. Control shall mean ownership greater than fifty per centum.1911, May 12, P.L. 295, § 2. Amended 1996, July 11, P.L. 602, No. 102, § 1, effective Jan. 1, 1997.