International investment management services
Seattle Mun. Code § 5.30.260
in effect5.30.260 - International investment management services
A person is engaged in the business of providing international investment management services if such a person is engaged primarily in the business of providing investment management services and at least ten percent of the gross income of such person is derived from providing investment management services to any of the following: 1) persons or collective investment funds residing outside of the United States; or 2) persons or collective investment funds with at least ten percent of their investments located outside the United States. "Investment management services" means investment research, investment consulting, portfolio management, fund administration, fund distribution, investment transactions, or related investment services. "Collective investment funds" include: 1) a mutual fund or other regulated investment company, as defined in section 851(a) of the Internal Revenue Code of 1986, as amended; 2) an investment company as that term is used in Section 3(a) of the Investment Company Act of 1940, as well as any entity that would be an investment company for this purpose but for the exemptions contained in section 3(c)(1) or (11) of that act; 3) an employee benefit plan, which includes any plan, trust, commingled employee benefit trust, or custodial arrangement that is subject to the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. Sec. 1001 et seq., or that is described in sections 125, 401, 403, 408, 457, and 501(c)(9) and (17) through (23) of the Internal Revenue Code of 1986, as amended, or a similar plan maintained by a state or local government, or a plan, trust, or custodial arrangement established to self-insure benefits required by federal, state, or local law; 4) a fund maintained by a tax-exempt organization as defined in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, for operating, quasi-endowment, or endowment purposes; 5) funds that are established for the benefit of such tax-exempt organizations, such as charitable remainder trusts, charitable lead trusts, charitable annuity trusts, or other similar trusts; or 6) collective investment funds similar to those described in 1) through 5) of this Section 5.30.260 created under the laws of a foreign jurisdiction. Investments are located outside of the United States if the underlying assets in which the investment constitutes a beneficial interest reside or are created, issued, or held outside the United States.
([Renumbered from 5.30.035.H]; Ord. 123099, § 1, 2009.)
Source: City of Seattle, Seattle Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/wa/seattle/codes/municipal_code?nodeId=TIT5REFITA_SUBTITLE_IGERE_CH5.30DE_5.30.260ININMASEFetched: 11/1/2026