  The role of charm in testing the Standard Model description of quark mixing
and CP violation through measurements of lifetimes, decay constants and
semileptonic form factors is reviewed. Together with Lattice QCD, charm has the
potential this decade to maximize the sensitivity of the entire flavor physics
program to new physics. and pave the way for understanding physics beyond the
Standard Model at the LHC in the coming decade. The status of indirect searches
for physics beyond the Standard Model through charm mixing, CP-violation and
rare decays is also reported.
