As per the Knowledgebase S-059061, even this error message is wrong.
The full path to the problematic registry location is not indicated. Not only that, but the registry location identified is wrong. The registry location that is problematic is:
To resolve the 1406 error, modify the permissions of this key so that they are the same as its parent key. Or, delete this key (which may require modifying its permissions, first, to allow the deletion) and repair the SolidWorks installation to resolve the problem.
Note: as indicated by the registry location, this problem is ONLY known to occur on 64-bit PCs.