Just installed BEWS 12 SP1 + current HFs to a WS2008 EE x64 server. When I click Tools/LiveUpdate, I get this message:

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Symantec Backup Exec for Windows Servers
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To receive updates, Backup Exec must be registered with LiveUpdate.  To automatically register now, click Yes.

If you choose not to register now, you will be prompted again when you click LiveUpdate.
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Yes   No  
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Whether I click Yes or No, the message closes, and is followed by

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Symantec Backup Exec for Windows Servers
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Backup Exec failed to register with LiveUpdate. Ensure that the latest version of LiveUpdate is installed, and then try again.
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OK  
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And the sequence repeats next time I run it.

If close BEWS and reopen it using Run As Administrator, LiveUpdate works normally. So the problem is that elevation is required...which makes sense, actually.

When I click Tools/LiveUpdate, LU should have UAC prompt me for elevation, and not give me misleading error messages.