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no_registry tells the compiler not to search the registry for type libraries imported with #import.
If a referenced type library is not found in the include directories, the compilation will fail even if the type library is in the registry. no_registry propagates to other type libraries implicitly imported with auto_search.
The compiler will never search the registry for type libraries that are specified by file name and passed directly to #import.
When auto_search is specified, the additional #imports will be generated with the no_registry setting of the initial #import (if the initial #import directive was no_registry, an auto_search-generated #import is also no_registry.)
no_registry is useful if you want to import cross referenced type libraries without the risk of the compiler finding an older version of the file in the registry. no_registry is also useful if the type library is not registered.