IIS 7.0 FTP Error message while attempting SSL authentication:

[R] 220 Microsoft FTP Service
[R] AUTH SSL
[R] 534-Local policy on server does not allow TLS secure connections.
[R]  Win32 error:   Access is denied.
[R]  Error details: SSL certificate was not configured.
[R] 534 End
[R] Failed SSL/TLS negotiation, disconnected
[R] Connection failed (Connection lost)

Solution: Set a server-level SSL certificate, not just at the site level.