I recently moved a number of unmanaged clients to managed and this happened on all of them after the change (beforehand they had no trouble with Outlook receiving). The resolution we found was to turn off Internet Email auto-protect (oddly, turning off Outlook auto-protect seems to have no effect, but Internet email auto protect does the trick). In turn we blocked gmail, yahoomail, etc in our firewall (so hopefully we're 99% safe).
Is there a patch coming for this? Seems odd that "managed" status systematically blocks inbound email in Outlook unless you manually change SEP's settings. Also seems odd that the recommended fix (above) involves significantly disabling SEP's protective features.
To note, a patch would really be appreciated since the need to turn off Internet email auto protect resets each time the machine reboots (a lot, in recent weeks, due to Microsoft automatic updates).