New platform policy more mindful of developer schedules – Facebook updated its policy to make any breaking changes to the API on the first Wednesday of every month. Previously, changes were pushed on the first of the month, which sometimes fell on a weekend. Now all changes will be made during the work week.

Facebook works to stop secondary market trading - Bloomberg reported that Facebook is working to curb trading of company shares on secondary market by early April, ahead of the company’s initial public offering in early May. This means there will be no new trades and the IPO won’t be until at least May 2.

Facebook to investors: Zuckerberg won’t be overly involved in IPO – Reuters reported that Facebook representatives at a recent investor meeting told those in attendance not to expect much involvement from CEO Mark Zuckerberg. Specifically, the report said that “expectations should be set pretty low.” [Image via Facebook]

Zuckerberg’s lawyers expedite disclosures – The Federal and Trade Commission agreed to eliminate the 30-day waiting period and expedite the approval of a filing for Zuckerberg. The CEO plans to exercise stock options worth about $5 billion in Facebook’s initial public offering, according to the New York Times.

Rumor: Facebook works on its search engine – According to anonymous Business Week sources, Facebook has hired a former Google engineer to work on the company’s search function to make it easier for users to access users, photos, videos and other Facebook information, possibly including elsewhere on the web.

Google launching commenting system – Google is set to launch a commenting system for third-party websites that is likely meant to rival Facebook’s plug-in.

Facebook launches cover photo contest – Facebook Marketing Solutions is sponsoring a contest for businesses to get featured in the cover photo of the page. The photos are supposed to capture a business in a “different or new” way. The winning photo will become the cover photo for the page, which has nearly a million Likes.