Index: src/wp-admin/css/edit.css
===================================================================
--- src/wp-admin/css/edit.css	(revision 47547)
+++ src/wp-admin/css/edit.css	(working copy)
@@ -756,21 +756,32 @@
 	margin-bottom: 1em;
 }
 
-.policy-text p:not(.privacy-policy-tutorial):not(.wp-policy-help) {
+.policy-text > *:not(h1):not(h2):not(h3):not(h4):not(h5):not(h6):not(div):not(.privacy-policy-tutorial):not(.wp-policy-help),
+.policy-text div > *:not(h1):not(h2):not(h3):not(h4):not(h5):not(h6):not(div):not(.privacy-policy-tutorial):not(.wp-policy-help) {
 	background-color: #fff;
 	margin: 0;
 	padding: 1em;
 }
 
-.policy-text p:not(.privacy-policy-tutorial):not(.wp-policy-help) + p:not(.privacy-policy-tutorial):not(.wp-policy-help) {
+.policy-text > *:not(h1):not(h2):not(h3):not(h4):not(h5):not(h6):not(div):not(.privacy-policy-tutorial):not(.wp-policy-help) + *:not(h1):not(h2):not(h3):not(h4):not(h5):not(h6):not(div):not(.privacy-policy-tutorial):not(.wp-policy-help),
+.policy-text div > *:not(h1):not(h2):not(h3):not(h4):not(h5):not(h6):not(div):not(.privacy-policy-tutorial):not(.wp-policy-help) + *:not(h1):not(h2):not(h3):not(h4):not(h5):not(h6):not(div):not(.privacy-policy-tutorial):not(.wp-policy-help) {
 	padding-top: 0;
 }
 
-.hide-privacy-policy-tutorial p:not(.privacy-policy-tutorial):not(.wp-policy-help) {
+.hide-privacy-policy-tutorial > *:not(h1):not(h2):not(h3):not(h4):not(h5):not(h6):not(div):not(.privacy-policy-tutorial):not(.wp-policy-help) {
 	margin: 1em 0;
 	padding: 0;
 }
 
+.policy-text ul li,
+.policy-text ol li {
+	margin-left: 2em;
+}
+
+.policy-text ul {
+	list-style: disc;
+}
+
 strong.wp-policy-help, /* For back-compat, see #49282 */
 strong.privacy-policy-tutorial {
 	display: block;