Here’s the deal:

 Section 3(a)(2) bank note programs are medium-term note programs with a “bank” as the issuer

 The issuer must be a “bank,” as defined in Section 3(a)(2) of the Securities Act

 Bank note programs allow the issuer to access the market quickly without the delay associated with SEC review and to do so on a regular or continuous basis

 Securities issued pursuant to a Section 3(a)(2) bank note program are exempt from SEC registration...