[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3831 Introduced in Senate (IS)]
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119th CONGRESS
2d Session
S. 3831
To amend the Securities Exchange Act of 1934 to require issuers with a
multi-class stock structure to make certain disclosures in any proxy or
consent solicitation material, and for other purposes.
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IN THE SENATE OF THE UNITED STATES
February 11, 2026
Mr. Gallego (for himself and Mr. Rounds) introduced the following bill;
which was read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
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A BILL
To amend the Securities Exchange Act of 1934 to require issuers with a
multi-class stock structure to make certain disclosures in any proxy or
consent solicitation material, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Enhancing Multi-Class Share
Disclosures Act''.
SEC. 2. DISCLOSURE RELATING TO MULTI-CLASS SHARE STRUCTURES.
Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n)
is amended by adding at the end the following:
``(l) Disclosure for Issuers With Multi-Class Share Structures.--
``(1) Definition.--In this subsection, the term `multi-
class share structure' means a capitalization structure that
contains 2 or more classes of securities that have differing
amounts of voting rights in the election of directors.
``(2) Disclosure.--The Commission shall, by rule, require
each issuer with a multi-class share structure to disclose the
information described in paragraph (3) in--
``(A) any proxy or consent solicitation material
for an annual meeting of the shareholders of the
issuer; or
``(B) any other filing, as the Commission
determines appropriate.
``(3) Content.--A disclosure made under paragraph (2) shall
include, with respect to each person who is a director,
director nominee, or named executive officer of the issuer, or
who is a beneficial owner of securities with 5 percent or more
of the total combined voting power of all classes of securities
entitled to vote in the election of directors of the issuer--
``(A) the number of shares of all classes of
securities entitled to vote in the election of
directors beneficially owned by that person, expressed
as a percentage of the total number of the outstanding
securities of the issuer entitled to vote in the
election of directors; and
``(B) the amount of voting power held by that
person, expressed as a percentage of the total combined
voting power of all classes of the securities of the
issuer entitled to vote in the election of
directors.''.
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