No, it is different. If the SWF is embedded in HTML page, it requires that
you specify the trusted locations on your machine, so it could load
content:
http://macromedia.com/support/documentation/en/flashplayer/help/settings_manager04.html
Read carefully the text in gray under the picture.
But, if you launch it in standalone player, then, I reckon, it should be
able to access local files.

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