A popular way for fund managers to increase their geographic reach while also reducing their overhead expenses and efforts is to operate their funds on a turnkey platform – a third-party service provider that outsources the portfolio management function to the fund manager. Regulators are increasing their scrutiny of those structures, however, to ensure industry safeguards remain stringent in the arrangement. A recent ACA Group (ACA) panel discussed steps taken by the U.K. Financial Conduct Authority and Her Majesty’s Treasury targeting regulatory hosting in the U.K. The program featured Ron Weekes, partner and CEO at ACA Mirabella; Anthony Bennett, head of sales and client development at ACA Mirabella; Paul Henshaw, senior principal consultant at ACA; and Tristram Lawton, managing associate at Simmons & Simmons. This article reviews key takeaways from the panel, including the regulator’s and Treasury’s proposals and discussion papers; the changes that are likely to be adopted; and steps that compliance officers and others should take now to prepare. For further commentary from ACA, see “Preparing for and Facilitating the Digitization, Automation and Optimization of Compliance Programs” (Oct. 26, 2021); and “Using RegTech to Enhance Compliance” (Aug. 17, 2021).