This policy setting controls whether Microsoft Query files (.iqy, oqy, .dqy, and .rqy) in an untrusted location are prevented from opening.
If you enable this policy setting, Microsoft Query files in an untrusted location are prevented from opening. Users will not be able to change this setting under File > Options > Trust Center > Trust Center Settings > External Content.
If you disable or don't configure this policy setting, Microsoft Query files in an untrusted location are not prevented from opening, unless users have changed this setting in the Trust Center.
Note: This policy setting only applies to subscription versions of Office, such as Microsoft 365 Apps for enterprise.
|Registry Path||software\policies\microsoft\office\16.0\excel\security\external content|