There was a problem reported for registered and relocated DirectShowSpy, which might be causing issues: Deleting faulty DirectShowSpy registry key.
Some users that use a 3rd party tool called DirectShowSpy may encounter errors when logging in to XSplit.
This can be caused by a fault registry key that is introduced when DirectShowSpy is registered to intercept Filter Graph initialization — Filter Graph is used by XSplit. The faulty DirectShowSpy registry key is usually caused by DirectShowSpy program begin relocated after registration.
To workaround this situation, XSplit1 detects the presence of HKEYCLASSESROOT\CLSID{E436EBB3-524F-11CE-9F53-0020AF0BA770}\TreatAs registry key2 when it fails to initialize Filter Graph and exits when it is found. In this case, user must manually correct the DirectShowSpy registration or delete3 the registry key. Only after either is done can XSplit be restarted.
The description of the problem is good, solution is good but incomplete.
DirectShowSpy intercepts a few COM classes, not just one, and removing single registry value is only a partial fix.
DirectShowSpy.dll exports UnregisterTreatAsClasses function to accurately restore operation of system classes. It does registry permission magic and updates all COM classes involved. Default unregistration (DllUnregisterServer, regsvr32 /u) behavior is to restore original classes only in case they are currently overridden by DirectShowSpy. That is, if the DLL is moved (deleted) the broken registrations are retained in the registry during unregistration process.
UnregisterTreatAsClasses resolved this problem by forcing recovery of original classes no matter who is overriding them at the moment.
C:\>rundll32 DirectShowSpy-Win32.dll,UnregisterTreatAsClasses
C:\>rundll32 DirectShowSpy-x64.dll,UnregisterTreatAsClasses