Why is RegOpenKeyEx() returning error code 2 on Vista 64bit?

I was making the following call:

result = RegOpenKeyEx(key, s, 0, KEY_READ, &key);

(C++, Visual Studio 5, Vista 64bit).

It is failing with error code 2 ("File not found") even though "regedit" shows that the key exists. This code has always worked on 32bit XP. Why is it "file not found" when it clearly is there?