No more late parties hosting commercial regulator (4,2,1,4)
I believe the answer is:
dead as a dodo
'no more' is the definition.
I know nothing about this answer so I can't tell whether this works.
'late parties hosting commercial regulator' is the wordplay.
I cannot really see how this works, but
'late' could be 'dead' (similar in meaning) and 'dead' is located in the answer.
'parties' could be 'dodo' ('do' can mean a party) and 'dodo' is present in the answer.
The remaining letters 'asa' is a valid word which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for dead as a dodo that I've seen before include "Utterly finished" , "Completely lifeless" , "native of Mauritius" , "Quite out of date" , "Totally defunct" .)