Create Event Subscription on single Computer?

Could somebody please explain whether I have to be part of a domain/workgroup or whatever to create event subscriptions? I need to forward events from the NetworkProfile/Operational Event Log to the Forwarded Events one and get the message 'The type initializer for Advanced Settings threw an exception' when I click the 'Create Subscription...' tag.

This is the actual message box that appears - I hope I have done this correctly, as it is supposed to be edited into the original post.

I see this post is old but I had a similar problem on Windows 2008 R2 machine which was not on a domain which I spent quite a while troubleshooting. To get around it, I had to login using the 'administrator' account on the box. My personal account (even through it was part of administrators group) would not work. I don't know why this is, but once I logged in as local administrator it worked. On a domain, it works with any Domain Admin account.