Here's my code:
Microsoft.Win32.RegistryKey key = Microsoft.Win32.Registry.LocalMachine.OpenSubKey(@"SOFTWARE\ADM");
The registry entry exists on the machine. key is always null.
I don't think that this is a security issue. I'm running as Administrator. (I've even explicitly ran the assembly under Administrator mode).
I'm using Visual Studio 2010 running on Windows 7 64bit.