I have the exact same error after upgrading to SCCM 2012 SP1 with SQL Server 2008.
I came up with this workaround:
Check BgbSetup.log for the location of RegSvcs.exe:
<02/01/13 17:10:35> CTool::RegisterComPlusService: run command line: "C:\Windows\Microsoft.NET\Framework64\v4.0.30319\RegSvcs.exe" /u "G:\Program Files\Microsoft Configuration Manager\bin\x64\microsoft.configurationmanager.bgbserverchannel.dll"
<02/01/13 17:10:38> CTool::RegisterComPlusService: Failed to unregister G:\Program Files\Microsoft Configuration Manager\bin\x64\microsoft.configurationmanager.bgbserverchannel.dll with .Net Fx 4.0
<02/01/13 17:10:38> CTool::RegisterComPlusService: run command line: "C:\Windows\Microsoft.NET\Framework64\v4.0.30319\RegSvcs.exe" /extlb /tlb:"G:\Program Files\SMS_CCM\microsoft.configurationmanager.bgbserverchannel.tlb" "G:\Program Files\Microsoft Configuration Manager\bin\x64\microsoft.configurationmanager.bgbserverchannel.dll"
<02/01/13 17:10:40> CTool::RegisterComPlusService: Failed to register G:\Program Files\Microsoft Configuration Manager\bin\x64\microsoft.configurationmanager.bgbserverchannel.dll with .Net Fx 4.0
<02/01/13 17:10:40> Cannot register BGB server channel DLL G:\Program Files\Microsoft Configuration Manager\bin\x64\microsoft.configurationmanager.bgbserverchannel.dll. Installation cannot continue.
<02/01/13 17:10:40> Fatal MSI Error - bgbisapi.msi could not be installed.
Navigate to the .Net installation folder where RegSvc.exe is created:
Make a backup copy of these files
InstallUtil.exe.config
RegSvcs.exe.config
Edit the original files by adding the following under the configuration node:
<runtime>
<loadFromRemoteSources enabled="true"/>
</runtime>
Launch Configuration Manager Service Manager and restart the SMS_SITE_COMPONENT_MANAGER service.
Monitor BgbSetup.log. The role should now install successfully.