Company: TGE
Filing Date: 2025-11-21
Form Type: POS AM
Source: 0001213900-25-113604
Chunk: 124

Company: Generation Essentials Group
Filing Date: 2025-11-21
Form: POS AM
Chunk 124
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77</div>

Magazine Publishing

There is no central authority
or set of rules that regulates magazine publishing activities in the United States. However, magazine publishers are subject to
various regulatory regimes that are applicable to different aspects of their business. In addition to the regulatory regimes described
above, magazine publishers must also be aware of consumer protection laws that govern service offerings and subscriptions, as well as
laws and regulations that protect consumers’ personal data privacy. There are also voluntary industry standards and principles
of which magazine publishers in the United States should be aware of. This section provides a high-level overview of these regulatory
regimes.

Consumer Protection

In addition to overseeing
certain aspects of advertising, the Federal Trade Commission and state consumer protection regulators enforce general consumer protection
rules that prohibit unfair and deceptive business conduct, including rules that are particularly important to subscription-based services.
These rules impose various requirements that magazine publishers must consider, such as rules regarding disclosure of subscription terms,
the process for consumers to cancel a subscription, and notices required for recurring payments and renewal. The rules generally aim
at preventing subscription providers, including magazine publishers and distributors, from employing practices that are considered unfair
and deceptive. The Federal Trade Commission and state consumer protection regulators enforce these rules directly and on behalf of affected
consumers. Additionally, where state laws provide a private right of action, affected consumers can bring claims directly for damages.

Data Privacy

Magazine publishers are also
likely to hold significant amounts of personal information of their subscribers, including contact information, billing data, preferences
and interests and any other information that they collect and process. As a result, publishers need to comply with applicable data privacy
laws. The United States does not have comprehensive consumer privacy law at federal level; instead, there is a fragmented patchwork
of state and sector-specific privacy laws.

As of February 2025,
nineteen states, including California, Connecticut, Texas, and Virginia, have comprehensive privacy laws that protect personal information
of the residents in these states. These laws apply to companies that conduct business in these states and that meet certain thresholds
of revenue and/or data processing activities. In California, the California Privacy Protection Agency shares enforcement authority with
the state attorney general, which is the state general consumer protection enforcer. California law also provides a limited private right
of action for security breaches. In other states, enforcement responsibility of privacy laws is within the authority of each state’s
respective attorney general.

Additionally, the Federal
Trade Commission has interpreted general consumer