s

Treat string as single line. That is, change "." to match any character whatsoever, even a newline, which normally it would not match.

The /s and /m modifiers both override the $* setting. That is, no matter what $* contains, /s without /m will force "^" to match only at the beginning of the string and "$" to match only at the end (or just before a newline at the end) of the string. Together, as /ms, they let the "." match any character whatsoever, while still allowing "^" and "$" to match, respectively, just after and just before newlines within the string.