Based on powers granted to it under the U$.$S$.$ Constitution, the U$.$S$.$ Congress passed the Securities Exchange Act of $1934,$ whish created the Securities and Exchange Commission $("$SEC$"),$ wtrcse mission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Notably, thesecurities Exchange Act of $1934$ granted the SEC with enforcement authority to bring lawsuits against individuals and companies that violate various securities laws which include insider trading, accounting fraud, and providing false or misleading information about securities and the companies that issue them. Which one of the following statements is false?

The Securities Exchange Act of $1934$ is an example of enabling legislation.

Any rules adopted by the SEC must comply with the Administrative Procedure Act which is aimed at preventing arbitrariness or overreach by federal agencies.

$$ The SEC is an administrative agency.

The grant of enforcement authority io the SEC under the Securities Exchange A of $1934$ was unconstitutional.