Index: /trunk/src/VBox/VMM/VMMAll/IEMAll.cpp
===================================================================
--- /trunk/src/VBox/VMM/VMMAll/IEMAll.cpp	(revision 61634)
+++ /trunk/src/VBox/VMM/VMMAll/IEMAll.cpp	(revision 61635)
@@ -3878,4 +3878,6 @@
      * Start making changes.
      */
+    /* Set the new CPL so that stack accesses use it. */
+    pIemCpu->uCpl = uNewCpl;
 
     /* Create the stack frame. */