ities ▁mark ets ▁within ▁the ▁Fed ération ▁Intern ationale ▁des ▁B ourses ▁de ▁V ale urs ▁( FI B V ) ▁and ▁it ▁is ▁also ▁a ▁found ing ▁member ▁of ▁the ▁African ▁Stock ▁Exchange ▁Association ▁( ASE A ). ▁ ▁The ▁SE M ▁was ▁opened ▁to ▁foreign ▁invest ors ▁in ▁ 1 9 9 4 ▁following ▁the ▁abol ition ▁of ▁exchange ▁controls . ▁Foreign ▁invest ors ▁do ▁not ▁need ▁appro val ▁to ▁trade ▁shares , ▁unless ▁the ▁invest ment ▁is ▁for ▁the ▁purpose ▁of ▁legal ▁or ▁management ▁control ▁of ▁a ▁Maur it ian ▁company . ▁The ▁only ▁restriction ▁is ▁that ▁foreign ▁invest ors ▁cannot ▁have ▁an ▁individual ▁holding ▁of ▁more ▁than ▁ 1 5 % ▁in ▁a ▁sugar ▁company . ▁There ▁is ▁no ▁control ▁on ▁currency ▁rep atri ation , ▁and ▁the ▁curr encies ▁are ▁fully ▁convert ible ▁and ▁market ▁determined . ▁S ett lement s ▁can ▁be ▁made ▁in ▁a ▁foreign ▁currency ▁and ▁foreign ▁currency ▁accounts ▁can ▁be ▁opened ▁in ▁Maur it ius . ▁There ▁are ▁no ▁capital ▁g ains ▁tax es ▁and ▁no ▁with hold ing ▁tax ▁on ▁divid ends ▁proc ured ▁from ▁trad ing ▁in ▁officially ▁listed ▁companies . ▁ ▁A ▁major ▁development ▁of ▁ 1 9 9 8 ▁was ▁the ▁implementation ▁of ▁a ▁central ▁de pository ▁system , ▁in ▁which ▁all ▁listed ▁companies ▁are ▁registered . ▁This ▁system ▁allows ▁delivery ▁versus ▁payment ▁( D VP ) ▁on ▁a ▁T + 3 ▁day ▁rot ating ▁basis . ▁The ▁establishment ▁of ▁a ▁clear ing house , ▁through ▁the ▁Bank ▁of ▁Maur