Frequently Asked Questions about Section 3(a)(2) …

F R E Q U E N T L Y A S K E D Q U ES T I O N S A B O U T S E C T I O N 3 (a)( 2 ) B A N K N O T E P R O G R A M S Understanding Section 3(a)(2) Bank Note Programs What is a Section 3(a)(2) bank note program? A Section 3(a)(2) bank note program is a medium-term note ( MTN ) program that enables an issuing bank to offer debt securities on a regular and/or continuous basis. The issuer (or a guarantor of the notes) must be a bank, as defined in Section 3(a)(2) of the Securities Act of 1933 (the Securities Act ). Bank note programs are exempt from registration under the Securities Act. What is Section 3(a)(2)?

2 or agency of a foreign bank located in the United States to be a national bank, or a banking institution organized under the laws of any State, Territory, or the

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