Product:
TM1 10.1 Perspective
Windows 2008 R2 Server
Citrix Server

Symptom:
When you start TM1 Perspective (Excel 2010) from Citrix portal you get a error message.

Error message:
Run-time error ‘429’: ActiveX component can’t create object

Solution:
After you have installed TM1 Perspective on the server,
you need to start the application once to create some registry values before other can run it.

Log in as local administrator on the server
Start TM1 Perspective.
Close TM1 Perspective (and Excel)
Log out from server.

Now other users should be able to login.