Luis Aguilar, Democratic commissioner with the SEC, said Thursday the commission’s waiver process needs to be improved. Waivers allow companies to perform functions (like selling stocks) they have been prohibited from by SEC enforcement action.

Aguilar complained most waiver requests by firms are granted or denied by SEC staff without the knowledge of the commissioners.

Suggesting two sets of enhancements, Aguilar said staffers could be required to provide commissioners with regular lists of waiver requests explaining whether the waivers were approved or denied and why.

He also called for the establishment of a website where the public could see all waiver requests and their progress, including final actions.

He applauded the commission’s vital step last year allowing conditional waivers that firms could use for activities prohibited in an enforcement actions with limitations.

He said conditional waivers are welcome because many requests are for violations that are not severe. (Such waivers could be likened to those with drunken driving convictions not being allowed to drive at certain times of night.)

“My own review of many waiver applications indicates that waivers do not always fit neatly into ‘grant’ or ‘deny’ buckets, but often times fall somewhere in between,” Aguilar said.

His term as a commissioner ended in June. He is aiming to stay on until a replacement is named by President Obama and confirmed by the Senate.