Privacy Notice in Survey Builder

Hi, I am setting up my first study. It is longitudinal and will include a pre-screening survey using the Survey Builder.

The Survey Builder asks for a “Privacy Notice”, noting “you must ensure that in any study listing your identity is clear and the participant is provided with or directed to a privacy notice meeting the requirements of applicable law in your territory, telling them what data you might receive, what you will do with it, where it goes, and how long you keep it.”

I am confused about the scope of the Privacy Notice. Can it just be a few sentences, or does it need to be quite long? Can anyone provide me with an example? I understand that the specific details may vary by location. I am located in the US, but would appreciate examples from anyone. Thanks!