The Following Is NOT an Example of Tax or Regulatory

The following is NOT an example of tax or regulatory arbitrage:

A) STRIPS (Separate Trading of Registered Interests and Principal of Securities) program of the US Treasury
B) Russell Sage using put-call parity to go around New York's usury laws that set a maximum amount that a lender could charge borrowers
C) using an equity swap to invest in a security market where some investors (such as foreigners) are prohibited from investing
D) creation of Eurodollars to overcome Regulation Q,which put a ceiling on the maximum interest rate that US banks could pay their depositors
E) using a currency swap or an equity swap to invest in a security market where some investors (such as foreigners) are prohibited from investing