OCLC has stated that the Policy will go into effect in mid-February. It appears that current Members will be "grandfathered" in under the policy, their continued use of OCLC being their agreement to the terms. The Policy also covers Non-OCLC Members, who will not have made any agreement with OCLC, and I am hard pressed to understand why those organizations would abide by the terms of the Policy.
Section E.7 says that OCLC can make changes to the policy, and that those changes will apply to use from that point on, essentially what is happening now with this Policy. Although they have agreed to place a version indication in the policy statement field in the WorldCat MARC records, I'm unclear as to what role that version would play. Instead, it seems to me that the policy implies that all WorldCat records will be covered by the current policy, whatever version that is. If this is not the case, then it isn't clear how the new policy can apply to records obtained from WorldCat before the Policy was in force. Yet this is exactly what is implied in the section on adding 996 fields on page 8 of the FAQ:
B. Retrospectively. For records that already exist in your local system, we encourage you to add the 996 field to WorldCat records transferred to others. Should you choose to use it, the field should have an explicit note like the examples below:MARC:996 $aOCLCWCRUP $iUse and transfer of this record is governed by the OCLC® Policy for Use and Transfer of WorldCat® Records. $uhttp://purl.org/oclc/wcrup/1.0
OCLC has the sole discretion to determine whether any Use and/or Transfer of WorldCat Records complies with this Policy.
In the event OCLC identifies a Use and/or Transfer which does not comply with this Policy, OCLC shall notify the relevant OCLC Member(s) and/or Non-OCLC Member(s) and such parties agree to work with OCLC to resolve the noncompliance.