I installed Parallels 15 on a new MBP. I have an electronic annual subscription. It installed properly, and invited me to install a Windows10 VM. I did so. On the welcome-win page on the Parallels website, it said "This is a fully operational copy of Windows 10". When I start the Win10 VM and try to change the display settings, it asks me to Activate Win10. So apparently the installed version IS NOT a fully operational version. What's going on?
It's a fully operational version, just not activated. To activate you need to buy a Windows License. However you can run un-activated.