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I dunno. I think it's a combination of usergroup perms and forum perms. And I guess sig perms too.

FWIW, I witnessed personally the type of havoc this can cause just last week. My co-admin mistakenly left a closing center tag off a notice, and by the time I tracked it down the forum was in an uproar. I have no idea how I would have found it had it been in a sig somewhere.