mm.cfg : user-local configuration file; lives in user’s home directory on Unix/Linux systems and is largely only useful when using content debugger versions of the Player
mms.cfg : system-wide configuration file, designed to allow administrators to set policy for all users on a system; lives in /etc/adobe on Unix/Linux systems.
There is a lengthy guide available that describes all of the various administration features and what the mms.cfg can do for you.
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source:http://linuxpoison.blogspot.com/2010/11/135781677510417.html