Microsoft Excel 2007 SP3, Excel 2010 SP2, Excel 2013 SP1, Excel 2013 RT SP1, Excel 2016, Office Compatibility Pack SP3, Excel Viewer, and Excel 2016 for Mac mishandle a registry check, which allows user-assisted remote attackers to execute arbitrary commands via crafted embedded content in a document, aka "Microsoft Office Security Feature Bypass Vulnerability."
https://docs.microsoft.com/en-us/security-updates/securitybulletins/2016/ms16-148