In a nutshell, Google will no longer prevent advertisers from selecting a third party’s trade mark as a keyword.
There are still restrictions for using a trade mark as a keyword in your advert text. You can put in a complaint to Google if you believe that a third party, using your trademark keyword in the advert text, is confusing customers. For example if a Nike affiliate wrote an advert with the title “Official Nike Store” then Nike would have a reason to complain.
Google say their goal is:
“To provide our users with the most relevant information, whether from search results or advertisements, and we believe that users benefit from having more choice”
If you are running an 'adwords campaign', upon understanding the policy update, then we would suggest you then consider how the 'new key-phrases' could fit into your campaigns and after implementation, review whether it improves the overall advert click through rate and conversions.
To find out more and to see examples about this change, view the Update to Adwords Trademark Policy here or talk to the Flashlight Team.