Arbitration mechanism: stock exchange arbitration must be pursued after IGRC recommendations, with limitation governed by law. Complaints of a civil nature between a member and a client must be referred first to the IGRC and/or the stock exchange arbitration mechanism; arbitrators appointed thereunder are competent to decide jurisdiction. A party dissatisfied with an IGRC recommendation must seek stock exchange arbitration within the prescribed challenge period from the IGRC recommendation. That challenge period applies only to IGRC challenged cases; if arbitration is initiated without using the IGRC, the limitation for filing is governed by the general law of limitation. Stock Exchanges and Depositories must amend bye laws and notify constituents accordingly.