The application-specific permission settings do not grant Local Activation permission for the COM Server application with CLSID
to the user BULL\IWAM_BULL SID (BULL\IWAM_BULL). This security permission can be modified using the Component Services administrative tool.
This issue seems to be related to tighter security measures in Windows XP SP2. You will need to grant the "Local Activation" permission to the IWAM_BULL user in the "Component Services" snap-in (Administrative Tools -> Component Services) to avoid getting this message.
See the link for additional information.
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