Usage Policy not working (4371859)

After configuring the Usage Policy via Group Policy, it fails with the following error:

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 called Allow with 1 for value data.

STATUS
This issue has been logged as defect ID 420763 and will be fixed in a future release of Password Manager.