(Agreed Arbitration and Compulsory Arbitration)<br>Parties to any dispute arising under securities transactions executed pursuant to this Act may, pursuant to their agreement, resolve their disputes by arbitration. Any disputes arising between the stock exchange and securities firms, or between securities firms shall be resolved by arbitration regardless whether there is an agreement to arbitration between the parties.<br>Unless otherwise provided under this Act, the arbitration referred to in the preceding two paragraphs shall be governed by the Arbitration Act.

(Legal Defense Against an Action)<br>In the event a party to a dispute files any legal action in violation of the provisions of the preceding paragraph, the other party may petition the court to dismiss such actions.

(Appointment of Arbitrators)<br>In the event the arbitrators appointed by the parties to a dispute fail to select another arbitrator as provided by their agreement, the Competent Authority may appoint the arbitrator upon request of the parties or on its own authority.

(Sanction for Failure to Perform Arbitral Award or Settlement)<br>Except where an action is commenced to set aside an arbitral award pursuant to Article 40 of the Arbitration Act, the Competent Authority may order the suspension of the business of a securities firm if the said securities firm fails to comply or delays in complying with the arbitral award or the settlement reached in accordance with Article 44 of the Arbitration Act.

(Adoption of Arbitration Provisions)<br>The securities dealers association and the stock exchange shall specify in its articles of association/incorporation or its bylaws provisions relating to arbitration. Such provisions shall not be in conflict with this Act and the Arbitration Act.