User Configuration > Administrative Templates > Microsoft Excel 2016 > Excel Options > Security > Trust Center
User
HKCU\software\policies\microsoft\office\16.0\excel\security
This policy setting will prevent Excel from running Excel 4.0 (XLM) macros. If you enable this policy setting, XLM macros cannot be run in Excel. If you disable or don’t configure this policy setting, XLM macros can be run in Excel.