RAW is, that licenses can only be obtained for restricted items or activities. It especially states, that F items may never be carried, etc. by a private person, meaning that you would have some special cover story (which probably will be checked more thoroughly). Just waving a licence will not be enough, as there simply is no license for carrying an F-rated gear.
Example: No matter what you do, a private person will never be allowed to carry a loaded rocket launcher around. You can't simply wave a license around. You will have to convince the person checking that you are, at the moment, part of a military or corporate high threat response team or something like that. And this won't be easy when standing alone in downtown :-)