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

  • SEC chairwoman is stepping down
  • Change could broaden marketing of PE funds
  • ’It is what will be said …’

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.

The e-mails were highlighted in a letter critical of Schapiro sent to her by congressman Patrick McHenry, the Republican chairman of a prominent House subcommittee that oversees financial services, who called on Schapiro to hurry up and finalize the rule. ...

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