Answer: Yes
Details:
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If you leave UAC enabled while you're running Application Control Solution (ACS), it will provide an added level of protection to
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your system.
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ACS
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enables you to bypass Windows UAC prompts
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for specific targeted processes or programs while leaving UAC protection in place (for details, go to Determine which process needs elevation to prevent UAC prompts).
An Application Initiation Policy is similar to an Application Control Policy but
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allows for the selection of Process Rights actions
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(for details go to Application Initiation Policy
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).