Regulation is essentially a mandatory contract, and regulatory arbitrage is an inevitable result from the inherent characteristics of the regulatory contract.

监管本质上是一种强制性契约，监管套利正是在监管契约自身内在特点的基础上产生的一种必然结果。

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While there is a legitimate case for more consistent regulation and oversight, such as to reduce regulatory arbitrage, it is less obvious that we really need more or tighter regulation.

FORBES: Magazine Article