▁( or ▁re lying ▁on ▁some ▁exem ption ▁from ▁registration ). ▁▁ ▁When ▁they ▁are ▁issued ▁to ▁invest ors ▁outside ▁the ▁US , ▁they ▁are ▁called ▁" E uro ▁Med ium ▁Term ▁Notes " ▁( E MT N ). ▁These ▁can ▁allow ▁both ▁invest ors ▁and ▁issu ers ▁to ▁enter ▁foreign ▁mark ets ▁easily . ▁In ▁that ▁case , ▁the ▁requirements ▁are ▁similar . ▁Em issions ▁must ▁have ▁a ▁standard ized ▁document , ▁called ▁program , ▁which ▁can ▁be ▁used ▁across ▁all ▁issues ▁and ▁the ▁notes ▁are ▁( main ly ) ▁of ▁m atur ity ▁shorter ▁than ▁ 5 ▁years . ▁Similarly ▁to ▁Euro - b onds , ▁E MT N s ▁are ▁not ▁subject ▁to ▁national ▁reg ulations , ▁such ▁as ▁registration ▁requirements . ▁Even ▁though ▁the ▁E MT N s ▁can ▁be ▁trad ed ▁throughout ▁the ▁world , ▁most ▁offer ings ▁are ▁distributed ▁in ▁London ▁ ▁The ▁process ▁starts ▁with ▁company ▁files ▁an ▁sh elf ▁registration ▁with ▁the ▁SE C , ▁set ▁up ▁the ▁prospect us ▁and ▁establish es ▁the ▁M TM ▁program . ▁Once ▁this ▁is ▁done , ▁it ▁dist ributes ▁the ▁notes ▁to ▁the ▁market , ▁usually ▁through ▁invest ment ▁banks , ▁acting ▁as ▁s elling ▁agents , ▁arr anging ▁the ▁interest ▁rates ▁and ▁m atur ities . ▁When ▁invest ors ▁shows ▁interest , ▁the ▁iss uer ▁is ▁contact ed ▁and ▁the ▁deal ▁is ▁final ized ▁and ▁confirmed . ▁ ▁Options ▁ ▁When ▁issu ing ▁the ▁M T N , ▁the ▁iss uer ▁can ▁include ▁call ▁or ▁put ▁option