diff --git a/codex-rs/core/src/config_loader/mod.rs b/codex-rs/core/src/config_loader/mod.rs
index e9cd1c68e89..28fda873571 100644
--- a/codex-rs/core/src/config_loader/mod.rs
+++ b/codex-rs/core/src/config_loader/mod.rs
@@ -72,8 +72,8 @@ const DEFAULT_PROJECT_ROOT_MARKERS: &[&str] = &[".git"];
 /// configuration layers in the following order, but a constraint defined in an
 /// earlier layer cannot be overridden by a later layer:
 ///
-/// - admin:    managed preferences (*)
 /// - cloud:    managed cloud requirements
+/// - admin:    managed preferences (*)
 /// - system    `/etc/codex/requirements.toml`
 ///
 /// For backwards compatibility, we also load from
@@ -107,6 +107,11 @@ pub async fn load_config_layers_state(
 ) -> io::Result<ConfigLayerStack> {
     let mut config_requirements_toml = ConfigRequirementsWithSources::default();
 
+    if let Some(requirements) = cloud_requirements.get().await {
+        config_requirements_toml
+            .merge_unset_fields(RequirementSource::CloudRequirements, requirements);
+    }
+
     #[cfg(target_os = "macos")]
     macos::load_managed_admin_requirements_toml(
         &mut config_requirements_toml,
@@ -116,11 +121,6 @@ pub async fn load_config_layers_state(
     )
     .await?;
 
-    if let Some(requirements) = cloud_requirements.get().await {
-        config_requirements_toml
-            .merge_unset_fields(RequirementSource::CloudRequirements, requirements);
-    }
-
     // Honor /etc/codex/requirements.toml.
     if cfg!(unix) {
         load_requirements_toml(
diff --git a/codex-rs/core/src/config_loader/tests.rs b/codex-rs/core/src/config_loader/tests.rs
index cbd49f131c8..2d7e36d6efa 100644
--- a/codex-rs/core/src/config_loader/tests.rs
+++ b/codex-rs/core/src/config_loader/tests.rs
@@ -487,6 +487,59 @@ enforce_residency = "us"
     Ok(())
 }
 
+#[cfg(target_os = "macos")]
+#[tokio::test]
+async fn cloud_requirements_take_precedence_over_mdm_requirements() -> anyhow::Result<()> {
+    use base64::Engine;
+
+    let tmp = tempdir()?;
+    let state = load_config_layers_state(
+        tmp.path(),
+        Some(AbsolutePathBuf::try_from(tmp.path())?),
+        &[] as &[(String, TomlValue)],
+        LoaderOverrides {
+            macos_managed_config_requirements_base64: Some(
+                base64::prelude::BASE64_STANDARD.encode(
+                    r#"
+allowed_approval_policies = ["on-request"]
+"#
+                    .as_bytes(),
+                ),
+            ),
+            ..LoaderOverrides::default()
+        },
+        CloudRequirementsLoader::new(async {
+            Some(ConfigRequirementsToml {
+                allowed_approval_policies: Some(vec![AskForApproval::Never]),
+                allowed_sandbox_modes: None,
+                mcp_servers: None,
+                rules: None,
+                enforce_residency: None,
+            })
+        }),
+    )
+    .await?;
+
+    assert_eq!(
+        state.requirements().approval_policy.value(),
+        AskForApproval::Never
+    );
+    assert_eq!(
+        state
+            .requirements()
+            .approval_policy
+            .can_set(&AskForApproval::OnRequest),
+        Err(ConstraintError::InvalidValue {
+            field_name: "approval_policy",
+            candidate: "OnRequest".into(),
+            allowed: "[Never]".into(),
+            requirement_source: RequirementSource::CloudRequirements,
+        })
+    );
+
+    Ok(())
+}
+
 #[tokio::test(flavor = "current_thread")]
 async fn cloud_requirements_are_not_overwritten_by_system_requirements() -> anyhow::Result<()> {
     let tmp = tempdir()?;