During the installation process, Waves plug-ins automatically attach themselves to key audio and video production applications on your system. In my particular case those applications are Cubase and Final Cut Express. If you’re like me, you don’t want to use your Waves plug-ins in Final Cut. More directly, you don’t want the dependency of your iLok key in order to use Final Cut.
Thanks to Waves customer support for telling me that there’s a simple way to decouple these two tools without affecting your other applications (like Cubase). On your Mac, navigate to…
Macintosh HD / Library / Audio / Plug-Ins / Components
…and remove the Waves component from the folder (I deleted the file and then emptied the trash bin).
Follow that simple procedure and the next time you launch Final Cut you can do so without needing your iLok.