More than eight years after the approval of the legislation that provided for its creation (i.e. Decree 25/2006 of 23 August), the Securities Exchange Commission (Central de Valores Mobiliários ("CVM")) – an independent Department of the Mozambican Stock Exchange – began operations on 4 November 2014. Financial intermediaries and issuing entities now have a new institution that brings to Mozambique the phenomenon of computerisation of the ownership and trading of securities issued in Mozambique or held by Mozambican-law entities.