Sec. 11.5  (a) The Board may make such rules and regulations as it may deem expedient, not inconsistent with law, the Restated Certificate of Incorporation, or these By-Laws, concerning the issuance, transfer, and registration of shares of capital stock of FINRA Regulation.

Sec. 11.4  (a) A record of all certificates representing capital stock issued by FINRA Regulation shall be kept by the Secretary or any other officer, employee, or agent designated by the Board.

Sec. 11.3  (a) Certificates representing shares of capital stock of FINRA Regulation shall be signed in the name of FINRA Regulation by two officers with one being the President or a Vice President, and the other being the Secretary or the Treasurer. Such certificates may be sealed with the corporate seal of FINRA Regulation or a facsimile thereof.

(b) Any signature on the stock certificate may be a facsimile.

Sec. 11.2  The stockholder shall be entitled to a certificate or certificates in such form as shall be approved by the Board, certifying the number of shares of capital stock in FINRA Regulation owned by the stockholder.

Sec. 11.1  FINRA shall be the sole stockholder of the capital stock of FINRA Regulation.