Since its establishment, the CDVM has undergone several milestones in the process of its development both in terms of its organization and operation and in terms of its missions. The main objective is to provide the market authority with necessary powers along with sufficient means of action to ensure effective supervision of both markets and professionals and more generally sustain the market development process.

Key dates marking the history of CDVM:

1993:

A turning point as the modernization process of the financial market was launched in Morocco. It is an outcome of the promulgation of series of laws that lay down the basis for a modern market and announce the creation of new institutions. It is in this context that the CDVM, the Stock Exchange managing company, the brokerage firms and UCITS have been created.

1994:

The first CDVM’s Board of Directors meeting took place.

1996:

 The establishment of the central depository system and the introduction of securities book- entry system;

2004:

The empowerment of the CDVM:

• Enlargement of the membership of the Board of Directors while maintaining the balance between government representatives and expert members;
• Establishment of the Examination Joint Committee in the CDVM;
• Extending the  CDVM control power to all market participants;
• Possibility of  issuing circulars applicable to all operators subject to the control of CDVM;
• Enlargement of the CDVM’s investigative powers, by recognizing audition, injunction, search and seizure powers. Some of these powers are exercised under the supervision of judicial authorities;
• Recognition of the possibility of concluding bilateral or multilateral agreements with foreign authorities to exchange information and conduct investigations upon request of these authorities, subject to reciprocity.

2007:

The CDVM was approved as a signatory of the Multilateral Memorandum of Understanding / MMOU of the IOSCO. As a matter of fact, Morocco has become the 44^th international signatory and the third African one. This signature is an acknowledgement of the conformity of the CDVM and the law regulating the Moroccan financial market with international financial regulation standards.

2008:

• The CDVM was elected as member of the IOSCO Executive Committee, which is the Organization's highest decision-making body.
• The CDVM adopted its General Regulations specifying in particular the ethical rules applicable to its board of directors and staff, the procedures for preparing circulars and consulting professionals, the functioning of the examination Joint Committee, the contradictory procedure and the penalties range applied to professionals under its control.