While running Process Monitor as FS9 loads I get a HKLM\Software\Wow6432Node\Licenses that keeps repeating and under the result heading it says REPARSE.

What does this mean?

I'm running Windows 7 Professional 64 Bit.

It is just checking for data. I don't have that folder so it wouldn't find anything for me.
It is one of those lines that I filter out.