A British Columbia appeal court has rejected a former First Marathon broker’s Charter challenge to the B.C. Securities Commission’s authority in disciplining him for his involvement in the Cartaway Resources affair.

The B.C. Securities Commission brought proceedings against Blayne Johnson, a stock broker, on allegations that he acted contrary to the public interest in several securities transactions regarding Cartaway.

Johnson petitioned for judicial review of those proceedings in the Supreme Court alleging primarily that the phrase “public interest”, as it appears in the Securities Act, is impermissibly vague and contrary to the Constitution.

On hearing the petition Madam Justice Allan rejected the vagueness argument and upheld the constitutionality of the impugned provisions.

The appeals court today upheld the original decision. The Honourable Mr. Justice Donald wrote the opinion, with agreement from Madam Justice Southin and Mr. Justice Finch.

“We heard many interesting submissions on both sides of this debate,” Donald wrote. “On reflection, I think it is unnecessary and probably unwise to take the matter beyond a determination of the central contention in the appellant’s case, namely, that “public interest” in the Act is impermissibly vague. If it is not vague according to the test laid down by the highest authority, and I have concluded that it is not, then the constitutional issues fall away and need not be decided.”

Donald ruled, ” In my opinion, “public interest”, considered in the context of the language of the Act, and in light of its purposes and objects, meets the test in providing “sufficient guidance for legal debate” and consequently I would not give effect to the constitutional challenge.”