I’ve downloaded the AAX SDK 2.3.2, placed it in the Dependencies folder, changed the Runtime Library options as detailed in the README file, and the example IPlugEffect.aax project compiles successfully. When loading Pro Tools, however, it says, “IPlugEffect is not a valid 64 bit AAX plugin”. Looking at the file itself, it appears no different to other AAX plugins already installed.
Would this be a licensing issue? How else might it be possible to test AAX plugins with Pro Tools?
Thanks for your help 
ProTools plug-ins must be code-signed. You can find out more in the AAX documentation and on their forums.
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Also, just be aware that discussion about AAX issues is by nature limited here…in order to get those SDKs, you (digitally) signed an NDA (Non-Disclosure Agreement) that binds you from not discussing in public or with anyone that is not also bound by the same agreements. @olilarkin is right that the best place for finding that information is on the Avid developer forums…they have a heavy presence of their own developers that really do try to be helpful - although they won’t know the specifics of IPlug2.
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Yes, to summarize what Oli and Sstillwell said above, you can’t just build and run AAX plugins like you can VST/3. You have to get a “signing” (or full blown Pace iLok) license set up with Pace through Avid and apply the signing ID to your plugin using their Eden tool. It also requires an iLok key fob. You can’t even test your AAX plugins without at least a basic signing license and an iLok. Avid does not charge a fee for this but getting set up can take some time and the process has a bit of a learning curve.
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Thanks for all the info. Long road ahead! 