Invoking Python COM server as 'local' server

[Bill Bell]

To my understanding, one usually builds a local COM server as an 
EXE. However, a Python COM server is neither a DLL nor an EXE; 
it's a PY. So how the heck does the Python COM machinery 
decide whether to create an in-process server or a local server, 
particularly when the default _reg_clsctx provides for registration of 
a server as both?

Put another way: Having built a Python COM server I would like to 
build a Python COM client that fires it up as a local server.

And obviously I'm very confused. (TIA)