This is buried in another thread. According to ProcessMonitor, TCC doesn't even look in c:\windows\system32.
Code:
v:\> echo %@word[";",3,%path]
C:\WINDOWS\system32
v:\> which /a attrib
attrib is an internal command
attrib is an external : C:\WINDOWS\system32\attrib.EXE
v:\> attrib.exe
TCC: (Sys) The system cannot find the file specified.
"V:\.exe"