Schapiro Feared Ad Rule Change Could Tarnish Legacy: E-Mails

Outgoing U.S. Securities and Exchange Commission Chairman Mary Schapiro delayed immediately implementing a rule to lift a ban on broader-based advertising for private placements in part because she feared it would tarnish her legacy as a pro-investor leader of the agency, sister news service Reuters reported, citing internal SEC e-mails obtained by a U.S. House of Representatives oversight panel.