The W3C has announced a working draft of the new Privacy Policy standards.

These just-released documents are the first draft of a broad set of participants and stakeholders in the W3C Tracking Protection Working Group, which includes browser vendors, content providers, advertisers, search engines, as well as experts in policy, privacy, and consumer protection. The W3C organization is encouraging interested parties to review these early drafts.

Current plans are for these documents to become standards by mid-2012.
Read the full press release.

The two first drafts can be perused below:

Currently, this has no effect on your Google Privacy Policy. When any changes are made in the law and/or Google Privacy Regulations, we will immediately update our generators to reflect these changes.