The “Caveat Emptor” principle has led to fundamental flaws in our present consumer protection architecture. From the principle of “Caveat Emptor”, Let the Buyer beware, we have to move to the principle “Caveat Venditor”, Latin for “Let the Seller Beware”. It is a counter to “Caveat Emptor” and suggests that seller can also be deceived in a market transaction.
Canada and the United States have long-established economic and financial ties built on trust that have served both countries well. Today, we have a unique opportunity to advance the global financial reform agenda in the critical, but thorny, areas of bank resolution, OTC derivatives and payments. We both have much to gain by strengthening financial integration between our countries.