At the end of Octoboer, Facebook announced that it was revamping its privacy policy. The change, sparked by the intervention of the Canadian government, simplified the new policy, stripped the legal jargon, and put the document up for a comment period by the Facebook community.
That period ended two weeks ago. And because of the positive response (and the fact that there were less than 7000 comments), the new privacy policy is officially in effect. If there had been over 7000 comments, the company would have put the policy up to a vote by the entire Facebook user base.
The new policy is the same as the one proposed in late October. It discusses third party advertising, the right of users to delete profile information, the information it collects, and the rules on sharing information with third parties. Overall, it addresses the Canadian government's concerns while making the policy easier to understand.