2.2.1 [W3C-P3P1.0] Section 2.2, Locating Policy Reference Files
The specification states:
For a user agent to process the policy that applies to a given resource, it must locate the policy reference file for that resource, fetch the policy reference file, parse the policy reference file, fetch any required P3P policies, and then parse the P3P policy or policies.
All Document Modes (All Versions)
The policy reference file and its appropriate policies are downloaded and parsed, but the P3P policies themselves are not parsed.