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You are required to have a Privacy Policy page in your store at all times. This page has to be created and approved before your store is open for business.
Under the Merchant Solutions Terms of Service Policies Section 6-g, merchants agree:
... to post a privacy policy in Your Store, or on Your website if You sell or promote products and services from Your website, that, at a minimum, (i) complies with all applicable federal, provincial and state privacy laws and regulations and (ii) discloses all uses of personal information that You collect from users.
Each privacy policy should be specific to the web site or merchant who creates it. Only you, the merchant, can say whether your privacy policy accurately describes your use of personal information collected from your users. There are different ways to draft a privacy policy depending on what information you collect and how you use that information.
Please take a look at our document on Posting a Privacy Policy for some links that may be helpful to you as you draft or update your privacy policy.
Click the Store link.