Administrative law is o the basic principles that govern the U.S. Constitution. o the law that governs the body of common law precedent in the United States. the body of law that defines, regulates and limits the exercise of authority of federal regulatory agencies. advisory in nature and not binding upon federal agencies. The SEC's powers include all of the following except the power to Destablish new federal agencies for the prosecution of securities law violations. on initiate criminal charges against a company that has violated securities laws. investigate potential violations of securities laws. O issue a cease and desist order. All of the following are phases in registering a security except O the prefiling period. 0 the certification of the class of investors. O assembly of the preregistration documents. O submission of the registration statement to the SEC. The underlying premise of all securities regulation is O liability. O profitability. o disclosure. O intent