Repeal of ancient local arrangement (12)
I believe the answer is:
cancellation
'repeal' is the definition.
(thesaurus)
'ancient local arrangement' is the wordplay.
'arrangement' is an anagram indicator.
'ancient'+'local'='ancientlocal'
'ancientlocal' with letters rearranged gives 'CANCELLATION'.
'of' is the link.
(Other definitions for cancellation that I've seen before include "shelving" , "Abandonment" , "Repeal" , "Annulment" .)