SharePoint 2013 – The tagging service is currently unavailable

Today I tried to post something on my News Feed using a hash tag, but was promptly hit with the following error message:

Something went wrong
The tagging service is currently unavailable.  Please try again later.

Tagging_Service_Unavailable

I was also unable to manage categories for wiki pages.  I began investigating by logging into Central Administration and navigating to the Service Application page.  I clicked on the Managed Metadata Service from the list and encountered this error:

The Managed Metadata Service or Connection is currently not available. The Application Pool or Managed Metadata web service may not have been started. Please Contact your Administrator.

Managed_Metadata_Connection

The service was started, as were the application pools, so I reviewed the ULS logs on the server running the Managed Metadata service and this was being logged every few seconds:

Error encountered in background cache check System.Security.SecurityException: Requested registry access is not allowed.

After a bit of Googling I found many solutions, none of which worked for me.  Eventually I ran the Initialize-SPResourceSecurity cmdlet on the application server hosting the Managed metadata service and I was then able to access the Managed Metadata Service Application in Central Administration.  I then ran it on all other servers in the farm which fixed the issue with hash tags and wiki categories.

It may be a coincidence but this stopped working after I installed the March 2015 CU.

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