diff --git a/.github/workflows/publish.yml b/.github/workflows/publish.yml
index 5f92172..cbce133 100644
--- a/.github/workflows/publish.yml
+++ b/.github/workflows/publish.yml
@@ -148,10 +148,10 @@ jobs:
             type=sha,format=short
           # The action derives the licences label from this repository's
           # Apache-2.0, and its labels override the Dockerfile's. The image also
-          # bundles the transpiler, whose LICENSE is PolyForm Noncommercial
-          # 1.0.0 as modified by its own sections (see README, License).
+          # bundles the transpiler, whose LICENSE from codegen 1.2.0 is the
+          # PineForge Source License 1.1 (see README, License).
           labels: |
-            org.opencontainers.image.licenses=Apache-2.0 AND LicenseRef-PolyForm-Noncommercial-1.0.0-Personal-Trading
+            org.opencontainers.image.licenses=Apache-2.0 AND LicenseRef-PineForge-Source-License-1.1
 
       - name: Build + push (multi-arch)
         uses: docker/build-push-action@v6
diff --git a/README.md b/README.md
index d3ced2e..4767cca 100644
--- a/README.md
+++ b/README.md
@@ -235,23 +235,27 @@ terms, so that licence does not cover the whole image:
 - **`pineforge-engine`** (`libpineforge.a` and headers): Apache-2.0, with Eigen
   under MPL-2.0 — see the engine's
   [`LEGAL.md`](https://github.com/pineforge-4pass/pineforge-engine/blob/main/LEGAL.md).
-- **`pineforge-codegen`** (the transpiler): source-available under the PolyForm
-  Noncommercial License 1.0.0 with a Personal Trading exception. Companies,
-  funds, embedding in a product and hosted or public-facing services need a
-  commercial licence — see its
+- **`pineforge-codegen`** (the transpiler): source-available. From codegen
+  1.2.0 (images from 1.2.0 on) it is under the PineForge Source License 1.1;
+  earlier releases, and the images up to 1.1.0 that bundle them, keep the
+  PolyForm Noncommercial License 1.0.0 with a Personal Trading exception that
+  they shipped with. Personal trading is free; investment management, use by
+  or for a company or fund, embedding in a product and hosted or public-facing
+  services need a commercial licence — see its
   [`LICENSE`](https://github.com/pineforge-4pass/pineforge-codegen-oss/blob/main/LICENSE)
   and [`LEGAL.md`](https://github.com/pineforge-4pass/pineforge-codegen-oss/blob/main/LEGAL.md).
 - **Debian base image, g++, Eigen and Python**: their upstream licences.
 
 The image's `org.opencontainers.image.licenses` label names the licences of the
-PineForge components:
-`Apache-2.0 AND LicenseRef-PolyForm-Noncommercial-1.0.0-Personal-Trading`,
-Apache-2.0 for the engine and this repository's files, and a `LicenseRef` for
-the transpiler's LICENSE, which is the PolyForm Noncommercial License 1.0.0 as
-modified by its Personal Trading and Commercial Use sections (so not the SPDX
-`PolyForm-Noncommercial-1.0.0` text). The base image's packages, Eigen
-included, keep the upstream licences listed above. Images up to 1.0.0 carry
-`Apache-2.0` in that label.
+PineForge components: `Apache-2.0 AND LicenseRef-PineForge-Source-License-1.1`
+from 1.2.0 on, Apache-2.0 for the engine and this repository's files, and a
+`LicenseRef` for the transpiler's LICENSE, the PineForge Source License 1.1 (no
+SPDX identifier exists for it). The base image's packages, Eigen included, keep
+the upstream licences listed above. Images 1.0.1 to 1.1.0 carry
+`Apache-2.0 AND LicenseRef-PolyForm-Noncommercial-1.0.0-Personal-Trading`
+(the transpiler's earlier LICENSE, the PolyForm Noncommercial License 1.0.0 as
+modified by its Personal Trading and Commercial Use sections), and images up
+to 1.0.0 carry `Apache-2.0`.
 
 ## Harness / engine ABI
 
diff --git a/docker/Dockerfile b/docker/Dockerfile
index 3bffe8f..862fdee 100644
--- a/docker/Dockerfile
+++ b/docker/Dockerfile
@@ -71,7 +71,7 @@ LABEL org.opencontainers.image.title="pineforge-release" \
       org.opencontainers.image.revision="${RELEASE_GIT_SHA}" \
       org.opencontainers.image.created="${RELEASE_BUILD_DATE}" \
       org.opencontainers.image.source="https://github.com/pineforge-4pass/pineforge-release" \
-      org.opencontainers.image.licenses="Apache-2.0 AND LicenseRef-PolyForm-Noncommercial-1.0.0-Personal-Trading" \
+      org.opencontainers.image.licenses="Apache-2.0 AND LicenseRef-PineForge-Source-License-1.1" \
       io.pineforge.engine.version="${ENGINE_VERSION}" \
       io.pineforge.codegen.version="${CODEGEN_VERSION}"
 
diff --git a/tests/test_release_workflows.py b/tests/test_release_workflows.py
index 95d3035..9b2d7a1 100644
--- a/tests/test_release_workflows.py
+++ b/tests/test_release_workflows.py
@@ -146,7 +146,7 @@ def test_licences_label_covers_the_bundled_transpiler(self):
         # docker/metadata-action's labels override the Dockerfile's, and it
         # derives org.opencontainers.image.licenses from the repository's
         # Apache-2.0, so publish.yml must set the label itself.
-        expr = "Apache-2.0 AND LicenseRef-PolyForm-Noncommercial-1.0.0-Personal-Trading"
+        expr = "Apache-2.0 AND LicenseRef-PineForge-Source-License-1.1"
         body = _step(self.text, "Image metadata")
         self.assertIn(f"org.opencontainers.image.licenses={expr}\n", body)
         self.assertIn("labels: ${{ steps.meta.outputs.labels }}", self.text)