Accounting: Which of the following statements accurately summarizes the role of Transfer Pricing Regulations in preventing profit shifting and ensuring arm's length pricing in intercompany transactions for multinational corporations?

A$)$ Transfer Pricing Regulations primarily aim to maximize tax revenue for governments by imposing high tax rates on multinational corporations.

B$)$ Transfer Pricing Regulations ensure that multinational corporations can freely set prices for intercompany transactions, without considering arm's length principles.

C$)$ Transfer Pricing Regulations provide guidelines for multinational corporations to establish transfer prices that reflect market conditions and prevent tax avoidance through profit shifting.

D$)$ Transfer Pricing Regulations encourage multinational corporations to engage in aggressive tax planning strategies, disregarding compliance with arm's length pricing.