advice — a question we have answered affirmatively. Second, we must determine whether he did so “for compensation.” The Investment Advisers Act does not define “compensation.” The SEC Release defines compensation as “any economic benefit, whether in the form of an advisory fee or some other fee relating to the total services rendered, commissions, or some combination of the foregoing.” SEC Release, 52 Fed. Reg. at 38403. We find this persuasive, as have our sister Circuits. See Elliott, 62 F.3d at 1311 n.8; see also Thomas, 631 F.3d at 1164 (citing Elliott, 62 F.3d at 1311 n.8). It is not necessary that an investor “pay a discrete fee specifically earmarked as payment for investment advice.” Elliott, 62 F.3d at 1311; accord Abrahamson v. Fleschner, 568 F.2d 862, 870 (2d Cir. 1977) (<HOLDING>), overruled in part on other grounds by
recognizing the common practice of substituting specialized capital counsel for habeas petitions filed by capital defendants holding teague applies to capital cases holding that under the fmla an employer includes both individuals and public agencies and therefore also includes individuals in public agencies holding that the right applies at capital sentencing in particular holding that compensation includes salary and a percentage of net profits and capital gains