More than anything, this was an oversight on our end.
As David Startton surmised, child-meta sites (sites that have an attached parent Q&Q site - such as this meta site, meta Stack Overflow, meta Writers and so on - which excludes Meta Stack Exchange, as it doesn't have a parent Q&A site) do not have their own privileges, given that both reputation and privileges of each user on it are inherited from the parent site.
As such, all existing links to the privileges pages point to the privileges pages of the parent site.
However, we were not accounting for direct access to these pages via the URL - people actually typing in the address of the page on a child-meta.
I have made some changes on our end - when trying to go to the page on a child-meta, we will be redirecting to the parent site pages.
This will be deployed in the next build (rev 2014.10.7.1915)