Well, Stan, I think your interpretation of the section of the reg you quote is . . . ummmmm . . . . creative. After all, tit starts out by stating that the manufacturer of a new car can't import it into the US without obtaining a certificate of compliance. That language is pretty clear. That being the case, there would be no way the foreign OEM could do any of the acts listed in sub sub (b) because it would have no such cars available for sale, etc in the US in the first place. So that is why we do not find the "importing into the United States" language appearing in sub sub (b).
In any case an earlier section of the reg -- § 86.1780-99 Prohibited acts -- states as follows:
(a) The following acts and the causing thereof are prohibited:
(1) In the case of a covered manufacturer, as defined by §86.1702, of new motor vehicles or new motor vehicle engines for distribution in commerce, the sale, or the offering for sale, or the introduction, or delivery for introduction, into commerce, or (in the case of any person, except as provided by regulation of the Administrator), the importation into the United States of any new motor vehicle or new motor vehicle engine subject to this subpart, unless such vehicle or engine is covered by a certificate of conformity issued (and in effect) under regulations found in this subpart (except as provided in sec. 203(b) of the Clean Air Act (42 U.S.C. 7522(b)) or regulations promulgated thereunder).
You will notice that, while this section does mention a single exception that pertains to the Clean Air Act, it does not mention anything about section (e), the section you cited, as having any effect on the broad prohibition against importing new cars stated by its own language.
So I don't think BMW could do this.
DISCLAIMER -- I also am not an EPA lawyer, but I bet BMW has good ones..