diff --git a/target/arm/translate.c b/target/arm/translate.c
index 6259064ea7..7f0154194c 100644
--- a/target/arm/translate.c
+++ b/target/arm/translate.c
@@ -10590,7 +10590,7 @@ static bool trans_CPS(DisasContext *s, arg_CPS *a)
 
 static bool trans_CPS_v7m(DisasContext *s, arg_CPS_v7m *a)
 {
-    TCGv_i32 tmp, addr;
+    TCGv_i32 tmp, addr, el;
 
     if (!arm_dc_feature(s, ARM_FEATURE_M)) {
         return false;
@@ -10613,6 +10613,9 @@ static bool trans_CPS_v7m(DisasContext *s, arg_CPS_v7m *a)
         gen_helper_v7m_msr(cpu_env, addr, tmp);
         tcg_temp_free_i32(addr);
     }
+    el = tcg_const_i32(s->current_el);
+    gen_helper_rebuild_hflags_m32(cpu_env, el);
+    tcg_temp_free_i32(el);
     tcg_temp_free_i32(tmp);
     gen_lookup_tb(s);
     return true;