Trusted Locations

microsoft excel docs

Office trusted location rules do not allow you trust a document that is opened directly from an Internet location.
You will need to copy the file to a Office Trusted Location to get the document customization to run.
All workbooks in trusted locations are opened without a macro warning.
There are 2 types of trusted locations: global settings which apply to all applications and application specific settings which can be configured separately for each application.
Allow trusted locations on my network (not recommended) - (Default is off) Select Add New location and browse to add your trusted folder path.
Disable all trusted locations - (Default is off) Only files signed by trusted publishers will be trusted.

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These locations are all saved in the registry

HKCU\Software\Microsoft\Office\16.0\Excel\Security\Trusted Locations 

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