---
kind: "diff"
citation: "H.R. 6322"
bill: "115-hr-6322"
heading: "Enhancing Multi-Class Share Disclosures Act"
from: "ih"
from_label: "Introduced in House"
to: "rh"
to_label: "Reported in House"
sections_amended: 2
sections_added: 0
sections_removed: 0
url: "https://uscodex.org/bills/115/hr/6322/changes/rh"
---

# H.R. 6322 — what changed

H.R. 6322, Enhancing Multi-Class Share Disclosures Act — 2 sections amended between Introduced in House and Reported in House.

Edits are marked `<del>struck</del>` and `<ins>inserted</ins>`.

## Section 1 Short title

- This Act may be cited as the “Enhancing Multi-Class <del>Stock </del><ins>Share </ins>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:
- “(k) Disclosure for issuers with <del>multi-Class stock structure</del><ins>multi-class share structures</ins>
- “(1) Disclosure—The Commission shall, by rule, require each issuer with a multi-class <del>stock </del><ins>share </ins>structure to disclose the information described in paragraph (2) in any proxy or consent solicitation material for an annual meeting of the shareholders of the <del>issuer.</del><ins>issuer, or any other filing as the Commission determines appropriate.</ins>
- “(2) Content—A disclosure made under paragraph (1) shall include, with respect to each person who is a <ins>director, </ins>director <ins>nominee, </ins>or <ins>named </ins>executive officer of the <del>issuer or who, directly </del><ins>issuer, </ins>or <del>indirectly, holds </del><ins>who is the beneficial owner of securities with </ins>5 percent or more of the total combined voting power of all classes of <del>stock </del><ins>securities </ins>entitled to vote in the election of directors—
- “(A) the <del>amount </del><ins>number </ins>of <del>equity interest directly or indirectly </del><ins>shares of all classes of securities entitled to vote in the election of directors beneficially </ins>owned by such person, expressed as a percentage of the total <del>value </del><ins>number </ins>of the outstanding <del>equity </del>securities of the <del>issuer; </del><ins>issuer entitled to vote in the election of directors; </ins>and
- “(B) the amount of voting power held by such 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.
- “(3) <del>multi-class stock </del><ins>Multi-class share </ins>structure—In this subsection, the term “multi-class <del>stock </del><ins>share </ins>structure” means a capitalization structure that contains 2 or more classes of <del>stock </del><ins>securities </ins>that have <del>different </del><ins>differing </ins>amounts of voting <del>power.”</del><ins>rights in the election of directors.”</ins>