A long series of observations of the low-mass eclipsing system CM Dra (M1, M2 < 0.25M⊙, dM4.5e, V = 12.9 m, Porb = 1.27d) was obtained in 1996-1997 as part of the international TEP (Search for Transits of Extrasolar Planets) project. The observations were obtained on the 70-cm telescope of the Astronomical Observatory of Ural State University with an automatic two-star photometer. The total duration of the data series was 155 h. We construct and analyze a master light curve, including calculation of the photometric and absolute orbital elements. Evidence for surface activity was detected. The light curve of CM Dra outside eclipses shows low-amplitude (0.024m) brightness variations, suggesting the presence of a starspot on one of the components. The amplitude of these variations stayed the same over 20 years, but the phase of the brightness maximum shifted by one-third of the orbital period, possibly reflecting changes in the longitude or asymmetry of a single large polar spot. We detected four flares whose energies were factors of several hundred higher than those of solar flares. The derived flare rate agrees with data for CM Dra in the literature but is much lower than is typical for Population I stars in our Galaxy.