Advise Jamco if it has breached the Corporations Act?

Jamco Ltd and Figco Ltd are public companies and are listed on the Australian Securities Exchange (ASX).

Jamco has been in secret negotiations with Figco with a view to a takeover of Figco.

One of the directors of Jamco, Paul, instructed his broker to;

(i) purchase $600,000 worth of shares in Figco and

(ii) purchase $100,000 worth of shares in Jamco, in both cases on 15 January 2017.

It is well known that the share price of a target company (such as in this case Figco) will increase when a takeover is announced to the market.

The terms of the takeover were agreed between Jamco and Figco on 15 January 2017 however because one of the directors of Jamco wasn’t feeling well the takeover wasn’t announced by Jamco to the ASX until 17 January 2017.

Jessica is the company secretary of Jamco. After the information was disclosed to the public on 17 January 2017, Paul instructed his broker to sell the shares in Jamco and Figco.

Paul made a gain on the sale of the Figco shares and made a loss on the sale of the Jamco shares.

1. Advise Jamco if it has breached the Corporations Act?
2. Advise Figco if it has breached the Corporations Act?
3. Advise Paul if it has breached the Corporations Act?
4. Does ASIC have the power to question Jessica?
5. If ASIC has the power to question Jessica, can Jessica decline to answer any of the questions because the answer might incriminate her, is confidential or privileged?