The effect of the xlFileValidationPivotDefault setting is controlled by the PivotOptions registry value, which is set in the following registry subkey: HKEY_CURRENT_USER\Software\Microsoft\Office\14.0\Excel\Security\FileValidation. The PivotOptions value is a DWORD value that can be set as listed in the following table.
Never validate PivotTable report data caches. (Not recommended)
Validate PivotTable report data caches in the following cases (Default setting):
The file was opened from the Internet.
The file is an e-mail attachment.
The file was opened by using the Open in Protected View command of the Open dialog box.
The file was opened from a known unsafe location where Internet content is cached locally, or from a user-defined untrusted location.
The data cache is parsed on load when the file is opened.