CICS BBOC WOLA registration with Liberty profile server fails with RC=12 RSN=16

Question

Why would the WebSphere Optimized Local Adapter (WOLA) registration with the Liberty profile server fail with return code 12 and reason code 88? I am including the WOLA Task Related User Exit (TRUE) in the CICS PLT so it starts during the CICS initialization. I have installed zOS Connect Enterprise Edition (EE) V2.0 in our development system and the tasks LIBERTY and ANGEL are running fine.

Below is the error message that I see in the CICS log:

 WOLA TRACE 0: Min. connections: 1
 WOLA TRACE 0: Max. connections: 10
 WOLA TRACE 0: Transactional: N   string len:1
 WOLA TRACE 0: Security propagation: N   string len:1
 WOLA TRACE 0: Invoking OLA Register API for ZCONNREG
 
 The default link server could not register with the Liberty profile server. The return code is 12, and the reason code 88.

Here is a copy of my server.xml.

 <?xml version="1.0" encoding="UTF-8"?>                 
 <server description="new server">                      
                                                        
     <!-- Enable features -->                           
     <featureManager>                                   
         <feature>zosconnect:zosconnect-2.0</feature>   
         <feature>appSecurity-2.0</feature>             
     </featureManager>                                  
                                                        
     <keyStore id="defaultKeyStore" password="Liberty"/>
                                                        
     <webAppSecurity allowFailOverToBasicAuth="true" /> 
                                                        
     <basicRegistry id="basic1" realm="zosConnect">     
     <user name="Fred" password="fredpwd" />            
     </basicRegistry>                                   
                                                        
     <authorization-roles id="zos.connect.access.roles">
     <security-role name="zosConnectAccess">                             
     <user name="Fred"/>                                                 
     </security-role>                                                    
     </authorization-roles>                                              
                                                                         
     <zosLocalAdapters                                                   
             wolaGroup="ZOSGROUP"                                        
             wolaName2="ZOSNAME2"                                        
             wolaName3="ZOSNAME3" />                                     
                                                                         
     <connectionFactory id="wolaCF" jndiName="eis/ola">                  
         <properties.ola />                                              
     </connectionFactory>                                                
                                                                         
     <!-- To access this server from a remote client add a host attribute to the following element, e.g. host="*" -->
     <httpEndpoint id="defaultHttpEndpoint"                              
                   host="*"                                              
                   httpPort="29080"                                      
                   httpsPort="29081" />     
                                            
 </server>