The Frenchman, who has a degree in economics, has long supported the introduction of such measures, but is unsure whether the current system is working.
"It depends what you call Financial Fair Play as that notion has changed," said Wenger. "Is it just your income created by the gates? Is it the gates and commercial? Is it only the gates and the television? Is it naming rights as well?
"It is not clear to people what Financial Fair Play means, the rules are very complicated.
"We are a popular sport, so you want to have clear and simple rules for everybody to understand.
"If I ask 10 people in the street today [what it means] and then if you ask me, and I am in the job, I don't have a clear idea anymore of what it means."
Manchester City were ordered to pay a £49 million fine by UEFA for breaching the regulations, but shelled out a reported £28m to sign Wilfiried Bony from Swansea City in January.
Wenger insists there is no chance of Arsenal falling foul of the guidelines.
He added: "The Financial Fair Play rules have to be respected by everybody and if one club respected always the Financial Fair Play, and you can underline always, it is Arsenal, then we do not have to talk about that."
