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Why does regedit.exe have HKCU permission for importing but reg.exe does not?

I have a .reg file with current user values. If I use reg.exe in a bat file to import it says “ERROR: Error accessing the registry.”. If I use regedit.exe there are no issues.
For regedit.exe I use:
     regedit filename
For reg.exe I use:
     reg import filename

For regedit I do not use the /s switch so I can see whether successful and it has no issues because it is the HKCU hive. It asks if I want to, I click yes, then it says successful.

reg.exe is not supposed to have issues with the HKCU hive but for me will not import anything into HKCU. Why is that? If regedit.exe works and does the import one would thing reg.exe should work, too.

I would use regedit.exe with the /s switch but that does not give a report if it fails. regedit.exe is a graphical program and reg.exe is console. With reg.exe I can follow with ERRORLEVEL in the bat file.