diff --git a/changelog/README.md b/changelog/README.md
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@@ -43,3 +43,4 @@ citing it** — do not rely on memory. Selectors can be checked with `cast sig`
 | --- | --- | --- | --- |
 | Cobalt (upcoming) | Schedule Multiplier Updates (ERC-8056) | B20 Asset | [b20-asset-scheduled-multiplier-updates](cobalt/b20-asset-scheduled-multiplier-updates.md) |
 | Cobalt (upcoming) | Seize + `burnBlocked` deprecation | B20 (Asset + Stablecoin) | [b20-seize-surface](cobalt/b20-seize-surface.md) |
+| Cobalt (upcoming) | Composite Policies (UNION/INTERSECT) | PolicyRegistry | [policy-registry-composite-policies](cobalt/policy-registry-composite-policies.md) |
diff --git a/changelog/cobalt/policy-registry-composite-policies.md b/changelog/cobalt/policy-registry-composite-policies.md
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@@ -0,0 +1,139 @@
+# PolicyRegistry — composite policies (UNION / INTERSECT)
+
+> **Audience:** teams integrated against `PolicyRegistry` on **Beryl** — creating and
+> administering simple `ALLOWLIST`/`BLOCKLIST` policies, and referencing policy IDs on B20 policy
+> slots. This note covers **only** the composite (`UNION`/`INTERSECT`) policy support landing at the
+> **Cobalt** hardfork.
+
+## Summary
+
+At Cobalt, `PolicyRegistry` gains **composite policies**: a policy that authorizes by combining 2–4
+existing *simple* policies under a `UNION` (OR) or `INTERSECT` (AND) gate, created with the new
+`createCompositePolicy` and mutated in full with the new `updateComposite`. **Nothing you call today
+breaks.** Every Beryl selector, event topic, and error keeps its exact 4-byte selector / topic0 and
+stays dialable at Cobalt. The only change to existing behavior: `createPolicy` and
+`createPolicyWithAccounts` gain one new — previously unreachable — revert path, rejecting a
+composite `policyType` with the already-existing `IncompatiblePolicyType` error. Until Cobalt
+activates, only the Beryl (simple-policy) surface exists on-chain and every composite selector
+below is undialable.
+
+## Mapping table
+
+Selectors and topic0s below are computed directly from `src/interfaces/IPolicyRegistry.sol` with
+`cast sig` / `cast sig-event`; all Beryl symbols keep their selector at Cobalt.
+
+### `PolicyType` enum
+
+| Beryl | Cobalt addition | Why |
+| --- | --- | --- |
+| `BLOCKLIST = 0`, `ALLOWLIST = 1` | `UNION = 2`, `INTERSECT = 3` | Append-only — existing values and the packed-ID top-byte encoding are unchanged. |
+
+### Functions
+
+| Beryl symbol (selector) | Cobalt (selector) | Status | Why |
+| --- | --- | --- | --- |
+| `createPolicy(address,uint8)` `0xca5d55f6` | unchanged | present on Beryl already, new revert path | Now also reverts `IncompatiblePolicyType` when `policyType` is `UNION`/`INTERSECT`, checked after `ZeroAddress`. |
+| `createPolicyWithAccounts(address,uint8,address[])` `0xa2d3044f` | unchanged | present on Beryl already, new revert path | Same composite-type rejection, checked after `ZeroAddress` and before `BatchSizeTooLarge`. |
+| — | `createCompositePolicy(address,uint8,uint64[])` `0x6fdd1491` | new | Creates a `UNION`/`INTERSECT` policy from 2–4 existing simple policy IDs. |
+| — | `updateComposite(uint64,uint64[])` `0xbfe142c0` | new | Replaces a composite's child-policy set in full — no partial-update or clear-the-list path. |
+| — | `compositePolicyChildIds(uint64)` `0x7c40df74` | new | Read-only child-set getter. Always callable (not gated). |
+| — | `MIN_COMPOSITE_CHILD_POLICIES()` `0xb3ae29f7` | new | Constant `2`. Always callable. |
+| — | `MAX_COMPOSITE_CHILD_POLICIES()` `0x54309870` | new | Constant `4`. Always callable. |
+
+`isAuthorized(uint64,address)` `0x55a1179e`, `policyExists(uint64)` `0x330f5637`,
+`policyAdmin(uint64)` `0x09dd0a47`, `pendingPolicyAdmin(uint64)` `0x017548b7`,
+`updateAllowlist(uint64,bool,address[])` `0x3388fb5b`, `updateBlocklist(uint64,bool,address[])`
+`0x5c4e51b8`, `stageUpdateAdmin(uint64,address)` `0x1d7ae695`, `finalizeUpdateAdmin(uint64)`
+`0x33031a9c`, and `renounceAdmin(uint64)` `0xefdb7fa3` are carried over unchanged.
+
+### Events
+
+| Beryl event (topic0) | Cobalt (topic0) | Status | Why |
+| --- | --- | --- | --- |
+| `PolicyCreated(uint64,address,uint8)` `0x718d87917f0c4cfd1263707ef0e77c656ed8d8bfaca06152bdb0b8094142ec27` | unchanged | carried over | Also emitted for composite creation, with `policyType` `UNION`/`INTERSECT`. |
+| — | `CompositePolicyUpdated(uint64,address,uint64[])` `0x4ff6adaab31b0df87aa7b8b7320c52b8b3b5eede3bf28a6baaaa8b8b7e1d6363` | new | Emitted on composite creation **and** every `updateComposite`; carries the complete post-update child set. |
+
+`PolicyAdminStaged`, `PolicyAdminUpdated`, `AllowlistUpdated`, and `BlocklistUpdated` are carried
+over unchanged and are not emitted for composites (composites have no membership set of their own).
+
+### Errors
+
+| Beryl error (selector) | Cobalt (selector) | Status | Why |
+| --- | --- | --- | --- |
+| `IncompatiblePolicyType()` `0xf1011ef5` | unchanged | present on Beryl already, new call sites | Now also thrown by `createPolicy`/`createPolicyWithAccounts` (composite `policyType` passed to a simple constructor), `createCompositePolicy` (`policyType` isn't `UNION`/`INTERSECT`), and `updateComposite` (target isn't a composite). |
+| `PolicyNotFound()` `0x720caa4f` | unchanged | present on Beryl already, new call sites | Now also thrown for the composite target itself in `updateComposite`, and for any nonexistent child in `createCompositePolicy`/`updateComposite`. |
+| — | `ChildPoliciesOutsideOfRange()` `0x697ec868` | new | Child count outside `[MIN_COMPOSITE_CHILD_POLICIES, MAX_COMPOSITE_CHILD_POLICIES]` (`[2, 4]`). |
+| — | `InvalidChildPolicy(uint64)` `0x46508ef6` | new | A child is itself a composite, or a built-in sentinel (`ALWAYS_ALLOW`/`ALWAYS_BLOCK`). |
+
+## New at Cobalt (adopt these)
+
+### `createCompositePolicy(admin, policyType, childPolicyIds)`
+
+Creates a `UNION`/`INTERSECT` policy over 2–4 existing simple policy IDs. Canonical revert
+precedence — each check fires before the next, in this order:
+
+1. `ZeroAddress` — `admin == address(0)`.
+2. `IncompatiblePolicyType` — `policyType` is not `UNION`/`INTERSECT`.
+3. `ChildPoliciesOutsideOfRange` — `childPolicyIds.length` outside `[2, 4]`.
+4. `PolicyNotFound` — any child does not exist (checked as one pass over the whole set, before the
+   next check).
+5. `InvalidChildPolicy` — any child is a composite or a built-in sentinel (second pass).
+
+On success, emits `PolicyCreated(policyId, creator, policyType)`,
+`PolicyAdminUpdated(policyId, 0, admin)`, then `CompositePolicyUpdated(policyId, creator, childPolicyIds)`.
+
+### `updateComposite(policyId, childPolicyIds)`
+
+Replaces a composite's child-policy set **in full** — a child omitted from the new set no longer
+governs the composite; there is no partial-update or clear-the-list path. Canonical order:
+
+1. `PolicyNotFound` — `policyId` does not exist.
+2. `IncompatiblePolicyType` — `policyId` is a simple policy, not a composite.
+3. `Unauthorized` — caller is not the current admin. A renounced composite (admin `address(0)`) can
+   never be updated.
+4. `ChildPoliciesOutsideOfRange` — new count outside `[2, 4]`.
+5. `PolicyNotFound` — any new child does not exist.
+6. `InvalidChildPolicy` — any new child is a composite or a built-in sentinel.
+
+Emits `CompositePolicyUpdated(policyId, updater, childPolicyIds)`.
+
+### Live, depth-1 evaluation
+
+`isAuthorized` on a composite calls each child policy's `isAuthorized` — never a snapshot taken at
+creation or last update. `UNION` returns `true` on the first authorizing child (short-circuits);
+`INTERSECT` returns `false` on the first non-authorizing child. Recursion never exceeds depth 1:
+every child is validated to be a simple (`ALLOWLIST`/`BLOCKLIST`) policy at write time, so a
+composite's children can never themselves be composites.
+
+## Guarantees / edge cases
+
+**Q: Can a composite's child be another composite (nested composites)?**
+No. `createCompositePolicy` and `updateComposite` revert `InvalidChildPolicy(childPolicyId)` for any
+child whose type is `UNION`/`INTERSECT`. Nesting is impossible by construction.
+
+**Q: Can a built-in sentinel (`ALWAYS_ALLOW`/`ALWAYS_BLOCK`) be a composite child?**
+No — same `InvalidChildPolicy` revert. To mix always-allow/always-block behavior into a composite
+gate, use a real `ALLOWLIST`/`BLOCKLIST` policy that reproduces the desired effect instead.
+
+**Q: Can I pass the same child ID twice, or shrink a composite below 2 children?**
+Duplicates are permitted — the registry neither sorts nor de-duplicates the stored child list (extra
+evaluation cost only; `UNION`/`INTERSECT` are idempotent under duplicates). Shrinking below 2 is not
+possible: every `updateComposite` call re-enforces the same `[2, 4]` range as creation, so there is
+no path to an empty or under-sized composite.
+
+**Q: If a child policy's admin renounces, does the parent composite break?**
+No. `renounceAdmin` on the child only clears its admin and freezes its *future* membership changes —
+the child still exists and `isAuthorized` on it still resolves normally, so the composite keeps
+evaluating it exactly as before.
+
+**Q: Is composite mutation gated separately from simple-policy mutation?**
+No. `createCompositePolicy` and `updateComposite` are gated by the same `ActivationRegistry` flag
+that gates `createPolicy`, `updateAllowlist`, etc. — there is no composite-specific activation flag.
+`compositePolicyChildIds`, `MIN_COMPOSITE_CHILD_POLICIES`, `MAX_COMPOSITE_CHILD_POLICIES`, and
+`isAuthorized` on a composite ID are all always callable, whether or not the feature is active.
+
+**Q: Can a B20 token's policy slot (e.g. `TRANSFER_SENDER_POLICY`, `SEIZE_HOLDER_POLICY`) reference a
+composite ID?**
+Yes. B20 stores every policy slot as an opaque `uint64 policyId` and calls `isAuthorized` — a
+composite ID works exactly like a simple one, and no B20-side change was needed. As with any policy
+ID, validate `policyExists(policyId)` before writing it to a slot.