Explain whether Kip and Lu have committed the offence of insider dealing
Kip is an insider by virtue of his position as an accountant in Jaz plc. The information he holds is price-sensitive because it concerns large profits. Therefore, it would appear that he is liable under for dealing in price-affected securities. None of the defences would apply to him as he clearly expected to make a profit.
He also becomes liable for the offence of encouraging another to deal in price-affected securities when he advises Lu to buy shares in Jaz plc.
Lu received inside information from Kip who he knew to be an insider. Therefore he is liable, like Kip, for trading using inside information.
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