I previously submitted comments regarding administrative expenses and transparency under the proposed Plan of Distribution in the matter of Tai Mo Shan Limited, File No. 3-22382. I am submitting this additional comment to request stronger independent oversight of administrative fees. Because the SEC’s Division of Enforcement proposes the distribution plan, the Commission approves the plan, and the SEC also appoints and supervises the Fund Administrator, I respectfully suggest that additional safeguards would help address the appearance of concentrated oversight and provide greater confidence to harmed investors. Specifically, I ask the Commission to consider requiring that significant Fund Administrator fees and expenses be subject to an independent review mechanism, or at minimum that administrative expenses above a defined dollar or percentage threshold be publicly disclosed before payment and accompanied by an explanation of why the expense is reasonable and necessary. This concern does not depend on any assumption of improper conduct. Rather, it reflects the structural reality that every dollar paid in administrative expenses reduces the Net Available Fair Fund available for distribution to harmed investors. Independent review, advance disclosure of material expenses, and a clearly defined approval threshold would provide an additional check while preserving the Commission’s ability to efficiently administer the fund. I also respectfully request that the Commission periodically disclose the total administrative expenses incurred, the percentage of the original Fair Fund consumed by those expenses, and the remaining Net Available Fair Fund. These safeguards would improve transparency, accountability, and public confidence while helping ensure that the greatest possible portion of the Fair Fund reaches the investors it was created to compensate. Thank you for considering this supplemental comment.