Modifying Privacy Policy to conform with EU law

I’m not sure whether the cookie notice will be required in the future:

O’Neil noted a minor change in which visitors to a website for analytics purposes do not require consent, as long as any personal data collected is only processed by the first party. This means web analytics based on the Google Analytics system, which Google uses to drive its targeted and behavioural advertising business, continues to need prior informed consent, while analytics based on the first-party hosted Piwik system “would probably not”. (from The Register, via Piwik)

As far as I understand, this still isn’t fully baked yet.