I had the same problem some time ago and this is the advice I received from Steinberg (I save these sorts of thing in Notepad format) and it worked for me, see below.
"The issue you are experiencing is with your soft-eLicenser. I don’t think this would distrub the use of your products and I assume you have a USB-eLicenser.
Regards, below are directions to remove and regenerate the soft-eLicenser which will stop the error messages
Delete the SeLicenser.sel file manually you can find the file here:
Windows 7 / Vista 64 bit
• Click on the Windows logo in the task bar
• Enter “cmd” (without the quotation marks) and right-click the cmd entry in the result list. Choose “Run as administrator” (important!)
• type “cd” then press enter
• type “cd Program Files (x86)” then press enter
• type “cd elicenser” then press enter
• type “cd POS” then press enter
• type “synsopos.exe -regsel” then press enter
if no error appears the next command prompt line will say
C:\Program Files (x86)\elicenser\POS>
• Close command prompt
• If you open the eLCC, the Soft-eLicenser should be listed and can be