Status:
The Password Manager product team has confirmed this to be a defect in the product, #420763.
A fix will be included in a future release of Password Manager.
Workaround:
Add the following registry entry on each client machine running the SPE component:
Computer\HKEY_LOCAL_MACHINE\SOFTWARE\Policies\One Identity\Password Manager, create a new DWORD value 'Allow', with 1 for value data.
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