I did post a rather lengthy condensed version of a rather long article on above topic in the Private Placement part of the Professional Forum for those interested in the US point of view. The original seems over 30 pages, someone presented this on 10, it still makes a difficult read but everyone dealing with parties in the US or deals out of the US should know the basics described.
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In Germany we have always defined the „finder“ depending on the quantity of his intermediations and what he earned while doing that.
Now it is pretty clear that if someone does this once a year his work as an intermediary, let us say intermediating some real estate, cannot be called commercial. Some German judgments additionally gave the whole thing a lid while saying e.g. the “occasional broker” should not earn more than round about € 50,000 a year, of course he has to pay taxes (called “earning from non commercial work”).
This does not touch the question of liability because in Germany you intermediate as an “occasional broker” the “contract opportunity”- (Vertragsgelegenheit) and not product as such.
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Current Topic - Unregistered Finders and Intermediaries in Securities Transactions
