Tied agent of an investment firm (ALPSI)
A person acting under the full and exclusive responsibility of a single investment services provider to promote its services and pass on client orders. Conceptually close to the agent on the credit side, the tied agent bears not its own liability but that of its principal, and appears on the ORIAS register.
Key points
- Acts under the full and exclusive responsibility of a single investment services provider.
- Registered with ORIAS, but liability for actions falls entirely on the principal PSI.
- Can promote the PSI's services and pass on orders, without holding funds.
- Status conceptually close to a credit agent, but within the financial-markets perimeter.
Frequently asked questions
What is the difference between an ALPSI and a non-exclusive insurance agent (MNIA)?
Both statuses are forms of tied agent operating under a principal's liability, but in different regulatory perimeters: the ALPSI operates in investment services governed by the French monetary and financial code, while the MNIA falls under insurance distribution under the IDD regime. A multi-status wealth broker can be both an MNIA for an insurer and an ALPSI for a PSI, depending on the activities delegated.
Why choose ALPSI status rather than full PSI authorisation?
Full PSI authorisation requires substantial own funds, rigorous internal organisation and a lengthy approval process with the ACPR or AMF. ALPSI status allows distributing a licensed PSI's services without bearing those constraints: liability and prudential obligations remain with the principal PSI. It is a much faster route to financial markets, well suited to mid-sized wealth-management firms.
What operational limits apply to an ALPSI?
An ALPSI can work for only one PSI at a time, this exclusivity is the foundation of the principal's full liability. They cannot hold client funds or carry out activities beyond the scope defined in their contract with the PSI. Their actions and communications are made in the name and under the brand of the PSI, which imposes a commercial framework and processes defined by the principal.
In practice
A real-estate broker wants to add a cash-management offer for its entrepreneur clients. Rather than setting up an independent management company, it signs an ALPSI agreement with a PSI specialised in discretionary management, registers with ORIAS in that category and can now offer this service, clients' assets remain with the PSI, which bears the regulatory responsibility.
Official sources
- Intermediary glossary (ALPSI) · ORIAS
- The banking-operations intermediary (IOBSP) · ABE Info Service (Banque de France / ACPR)
- Single register of intermediaries · ORIAS
