diff --git a/bsd-user/main.c b/bsd-user/main.c
index 5bfaf5c..ba0b998 100644
--- a/bsd-user/main.c
+++ b/bsd-user/main.c
@@ -108,10 +108,6 @@ void cpu_list_unlock(void)
 /***********************************************************/
 /* CPUX86 core interface */
 
-void cpu_smm_update(CPUX86State *env)
-{
-}
-
 uint64_t cpu_get_tsc(CPUX86State *env)
 {
     return cpu_get_real_ticks();
diff --git a/hw/i386/pc.c b/hw/i386/pc.c
index a8e6be1..a7ee9ef 100644
--- a/hw/i386/pc.c
+++ b/hw/i386/pc.c
@@ -163,27 +163,6 @@ uint64_t cpu_get_tsc(CPUX86State *env)
     return cpu_get_ticks();
 }
 
-/* SMM support */
-
-static cpu_set_smm_t smm_set;
-static void *smm_arg;
-
-void cpu_smm_register(cpu_set_smm_t callback, void *arg)
-{
-    assert(smm_set == NULL);
-    assert(smm_arg == NULL);
-    smm_set = callback;
-    smm_arg = arg;
-}
-
-void cpu_smm_update(CPUX86State *env)
-{
-    if (smm_set && smm_arg && CPU(x86_env_get_cpu(env)) == first_cpu) {
-        smm_set(!!(env->hflags & HF_SMM_MASK), smm_arg);
-    }
-}
-
-
 /* IRQ handling */
 int cpu_get_pic_interrupt(CPUX86State *env)
 {
diff --git a/hw/pci-host/pam.c b/hw/pci-host/pam.c
index 8272de3..99d7af9 100644
--- a/hw/pci-host/pam.c
+++ b/hw/pci-host/pam.c
@@ -31,26 +31,12 @@
 #include "sysemu/sysemu.h"
 #include "hw/pci-host/pam.h"
 
-void smram_update(MemoryRegion *smram_region, uint8_t smram,
-                  uint8_t smm_enabled)
+void smram_update(MemoryRegion *smram_region, uint8_t smram)
 {
-    bool smram_enabled;
-
-    smram_enabled = ((smm_enabled && (smram & SMRAM_G_SMRAME)) ||
-                        (smram & SMRAM_D_OPEN));
+    bool smram_enabled = (smram & SMRAM_D_OPEN);
     memory_region_set_enabled(smram_region, !smram_enabled);
 }
 
-void smram_set_smm(uint8_t *host_smm_enabled, int smm, uint8_t smram,
-                   MemoryRegion *smram_region)
-{
-    uint8_t smm_enabled = (smm != 0);
-    if (*host_smm_enabled != smm_enabled) {
-        *host_smm_enabled = smm_enabled;
-        smram_update(smram_region, smram, *host_smm_enabled);
-    }
-}
-
 void init_pam(DeviceState *dev, MemoryRegion *ram_memory,
               MemoryRegion *system_memory, MemoryRegion *pci_address_space,
               PAMMemoryRegion *mem, uint32_t start, uint32_t size)
diff --git a/hw/pci-host/piix.c b/hw/pci-host/piix.c
index a280d57..46c0278 100644
--- a/hw/pci-host/piix.c
+++ b/hw/pci-host/piix.c
@@ -106,7 +106,6 @@ struct PCII440FXState {
     PAMMemoryRegion pam_regions[13];
     MemoryRegion smram_region;
     MemoryRegion smram, low_smram;
-    uint8_t smm_enabled;
 };
 
 
@@ -139,23 +138,12 @@ static void i440fx_update_memory_mappings(PCII440FXState *d)
         pam_update(&d->pam_regions[i], i,
                    pd->config[I440FX_PAM + ((i + 1) / 2)]);
     }
-    smram_update(&d->smram_region, pd->config[I440FX_SMRAM], d->smm_enabled);
+    smram_update(&d->smram_region, pd->config[I440FX_SMRAM]);
     memory_region_set_enabled(&d->smram,
                               pd->config[I440FX_SMRAM] & SMRAM_G_SMRAME);
     memory_region_transaction_commit();
 }
 
-static void i440fx_set_smm(int val, void *arg)
-{
-    PCII440FXState *d = arg;
-    PCIDevice *pd = PCI_DEVICE(d);
-
-    memory_region_transaction_begin();
-    smram_set_smm(&d->smm_enabled, val, pd->config[I440FX_SMRAM],
-                  &d->smram_region);
-    memory_region_transaction_commit();
-}
-
 
 static void i440fx_write_config(PCIDevice *dev,
                                 uint32_t address, uint32_t val, int len)
@@ -175,12 +163,13 @@ static int i440fx_load_old(QEMUFile* f, void *opaque, int version_id)
     PCII440FXState *d = opaque;
     PCIDevice *pd = PCI_DEVICE(d);
     int ret, i;
+    uint8_t smm_enabled;
 
     ret = pci_device_load(pd, f);
     if (ret < 0)
         return ret;
     i440fx_update_memory_mappings(d);
-    qemu_get_8s(f, &d->smm_enabled);
+    qemu_get_8s(f, &smm_enabled);
 
     if (version_id == 2) {
         for (i = 0; i < PIIX_NUM_PIRQS; i++) {
@@ -208,7 +197,7 @@ static const VMStateDescription vmstate_i440fx = {
     .post_load = i440fx_post_load,
     .fields = (VMStateField[]) {
         VMSTATE_PCI_DEVICE(parent_obj, PCII440FXState),
-        VMSTATE_UINT8(smm_enabled, PCII440FXState),
+        VMSTATE_UNUSED(1),
         VMSTATE_END_OF_LIST()
     }
 };
@@ -300,11 +289,7 @@ static void i440fx_pcihost_realize(DeviceState *dev, Error **errp)
 
 static void i440fx_realize(PCIDevice *dev, Error **errp)
 {
-    PCII440FXState *d = I440FX_PCI_DEVICE(dev);
-
     dev->config[I440FX_SMRAM] = 0x02;
-
-    cpu_smm_register(&i440fx_set_smm, d);
 }
 
 PCIBus *i440fx_init(PCII440FXState **pi440fx_state,
@@ -360,7 +345,7 @@ PCIBus *i440fx_init(PCII440FXState **pi440fx_state,
     memory_region_init(&f->smram, OBJECT(d), "smram", 1ull << 32);
     memory_region_set_enabled(&f->smram, true);
     memory_region_init_alias(&f->low_smram, OBJECT(d), "smram-low",
-                             f->system_memory, 0xa0000, 0x20000);
+                             f->ram_memory, 0xa0000, 0x20000);
     memory_region_set_enabled(&f->low_smram, true);
     memory_region_add_subregion(&f->smram, 0xa0000, &f->low_smram);
     object_property_add_alias(qdev_get_machine(), "smram",
diff --git a/hw/pci-host/q35.c b/hw/pci-host/q35.c
index de8326a..bd17a05 100644
--- a/hw/pci-host/q35.c
+++ b/hw/pci-host/q35.c
@@ -268,24 +268,12 @@ static void mch_update_smram(MCHPCIState *mch)
     PCIDevice *pd = PCI_DEVICE(mch);
 
     memory_region_transaction_begin();
-    smram_update(&mch->smram_region, pd->config[MCH_HOST_BRIDGE_SMRAM],
-                    mch->smm_enabled);
+    smram_update(&mch->smram_region, pd->config[MCH_HOST_BRIDGE_SMRAM]);
     memory_region_set_enabled(&mch->smram,
                               pd->config[MCH_HOST_BRIDGE_SMRAM] & SMRAM_G_SMRAME);
     memory_region_transaction_commit();
 }
 
-static void mch_set_smm(int smm, void *arg)
-{
-    MCHPCIState *mch = arg;
-    PCIDevice *pd = PCI_DEVICE(mch);
-
-    memory_region_transaction_begin();
-    smram_set_smm(&mch->smm_enabled, smm, pd->config[MCH_HOST_BRIDGE_SMRAM],
-                    &mch->smram_region);
-    memory_region_transaction_commit();
-}
-
 static void mch_write_config(PCIDevice *d,
                               uint32_t address, uint32_t val, int len)
 {
@@ -331,7 +319,7 @@ static const VMStateDescription vmstate_mch = {
     .post_load = mch_post_load,
     .fields = (VMStateField[]) {
         VMSTATE_PCI_DEVICE(parent_obj, MCHPCIState),
-        VMSTATE_UINT8(smm_enabled, MCHPCIState),
+        VMSTATE_UNUSED(1),
         VMSTATE_END_OF_LIST()
     }
 };
@@ -402,7 +390,6 @@ static void mch_realize(PCIDevice *d, Error **errp)
                            mch->pci_address_space);
 
     /* if *disabled* show SMRAM to all CPUs */
-    cpu_smm_register(&mch_set_smm, mch);
     memory_region_init_alias(&mch->smram_region, OBJECT(mch), "smram-region",
                              mch->pci_address_space, 0xa0000, 0x20000);
     memory_region_add_subregion_overlap(mch->system_memory, 0xa0000,
@@ -413,7 +400,7 @@ static void mch_realize(PCIDevice *d, Error **errp)
     memory_region_init(&mch->smram, OBJECT(mch), "smram", 1ull << 32);
     memory_region_set_enabled(&mch->smram, true);
     memory_region_init_alias(&mch->low_smram, OBJECT(mch), "smram-low",
-                             mch->system_memory, 0xa0000, 0x20000);
+                             mch->ram_memory, 0xa0000, 0x20000);
     memory_region_set_enabled(&mch->low_smram, true);
     memory_region_add_subregion(&mch->smram, 0xa0000, &mch->low_smram);
     object_property_add_const_link(qdev_get_machine(), "smram",
diff --git a/include/hw/i386/pc.h b/include/hw/i386/pc.h
index 1b35168..c9a9f6e 100644
--- a/include/hw/i386/pc.h
+++ b/include/hw/i386/pc.h
@@ -211,7 +211,6 @@ void pc_nic_init(ISABus *isa_bus, PCIBus *pci_bus);
 void pc_pci_device_init(PCIBus *pci_bus);
 
 typedef void (*cpu_set_smm_t)(int smm, void *arg);
-void cpu_smm_register(cpu_set_smm_t callback, void *arg);
 
 void ioapic_init_gsi(GSIState *gsi_state, const char *parent_name);
 
diff --git a/include/hw/pci-host/pam.h b/include/hw/pci-host/pam.h
index 4d03e4b..80dd605 100644
--- a/include/hw/pci-host/pam.h
+++ b/include/hw/pci-host/pam.h
@@ -86,10 +86,7 @@ typedef struct PAMMemoryRegion {
     unsigned current;
 } PAMMemoryRegion;
 
-void smram_update(MemoryRegion *smram_region, uint8_t smram,
-                  uint8_t smm_enabled);
-void smram_set_smm(uint8_t *host_smm_enabled, int smm, uint8_t smram,
-                   MemoryRegion *smram_region);
+void smram_update(MemoryRegion *smram_region, uint8_t smram);
 void init_pam(DeviceState *dev, MemoryRegion *ram, MemoryRegion *system,
               MemoryRegion *pci, PAMMemoryRegion *mem, uint32_t start, uint32_t size);
 void pam_update(PAMMemoryRegion *mem, int idx, uint8_t val);
diff --git a/include/hw/pci-host/q35.h b/include/hw/pci-host/q35.h
index 4c9eacc..17adeaa 100644
--- a/include/hw/pci-host/q35.h
+++ b/include/hw/pci-host/q35.h
@@ -55,7 +55,6 @@ typedef struct MCHPCIState {
     MemoryRegion smram_region;
     MemoryRegion smram, low_smram;
     PcPciInfo pci_info;
-    uint8_t smm_enabled;
     ram_addr_t below_4g_mem_size;
     ram_addr_t above_4g_mem_size;
     uint64_t pci_hole64_size;
diff --git a/linux-user/main.c b/linux-user/main.c
index 3f32db0..6989b82 100644
--- a/linux-user/main.c
+++ b/linux-user/main.c
@@ -215,10 +215,6 @@ void cpu_list_unlock(void)
 /***********************************************************/
 /* CPUX86 core interface */
 
-void cpu_smm_update(CPUX86State *env)
-{
-}
-
 uint64_t cpu_get_tsc(CPUX86State *env)
 {
     return cpu_get_real_ticks();
diff --git a/target-i386/cpu-qom.h b/target-i386/cpu-qom.h
index 39cd878..7a4fddd 100644
--- a/target-i386/cpu-qom.h
+++ b/target-i386/cpu-qom.h
@@ -23,6 +23,7 @@
 #include "qom/cpu.h"
 #include "cpu.h"
 #include "qapi/error.h"
+#include "qemu/notify.h"
 
 #ifdef TARGET_X86_64
 #define TYPE_X86_CPU "x86_64-cpu"
@@ -111,7 +112,8 @@ typedef struct X86CPU {
     /* in order to simplify APIC support, we leave this pointer to the
        user */
     struct DeviceState *apic_state;
-    struct MemoryRegion *cpu_as_root;
+    struct MemoryRegion *cpu_as_root, *cpu_as_mem, *smram;
+    Notifier machine_done;
 } X86CPU;
 
 static inline X86CPU *x86_env_get_cpu(CPUX86State *env)
diff --git a/target-i386/cpu.c b/target-i386/cpu.c
index 97c4804..7b6f9e4 100644
--- a/target-i386/cpu.c
+++ b/target-i386/cpu.c
@@ -2751,6 +2751,21 @@ static void x86_cpu_apic_realize(X86CPU *cpu, Error **errp)
     object_property_set_bool(OBJECT(cpu->apic_state), true, "realized",
                              errp);
 }
+
+static void x86_cpu_machine_done(Notifier *n, void *unused)
+{
+    X86CPU *cpu = container_of(n, X86CPU, machine_done);
+    MemoryRegion *smram =
+        (MemoryRegion *) object_resolve_path("/machine/smram", NULL);
+
+    if (smram) {
+        cpu->smram = g_new(MemoryRegion, 1);
+        memory_region_init_alias(cpu->smram, OBJECT(cpu), "smram",
+                                 smram, 0, 1ull << 32);
+        memory_region_set_enabled(cpu->smram, false);
+        memory_region_add_subregion_overlap(cpu->cpu_as_root, 0, cpu->smram, 1);
+    }
+}
 #else
 static void x86_cpu_apic_realize(X86CPU *cpu, Error **errp)
 {
@@ -2815,12 +2830,26 @@ static void x86_cpu_realizefn(DeviceState *dev, Error **errp)
 
 #ifndef CONFIG_USER_ONLY
     if (tcg_enabled()) {
+        cpu->cpu_as_mem = g_new(MemoryRegion, 1);
         cpu->cpu_as_root = g_new(MemoryRegion, 1);
         cs->as = g_new(AddressSpace, 1);
-        memory_region_init_alias(cpu->cpu_as_root, OBJECT(cpu), "memory",
-                                 get_system_memory(), 0, ~0ull);
+
+        /* Outer container... */
+        memory_region_init(cpu->cpu_as_root, OBJECT(cpu), "memory", ~0ull);
         memory_region_set_enabled(cpu->cpu_as_root, true);
+
+        /* ... with two regions inside: normal system memory with low
+         * priority, and...
+         */
+        memory_region_init_alias(cpu->cpu_as_mem, OBJECT(cpu), "memory",
+                                 get_system_memory(), 0, ~0ull);
+        memory_region_add_subregion_overlap(cpu->cpu_as_root, 0, cpu->cpu_as_mem, 0);
+        memory_region_set_enabled(cpu->cpu_as_mem, true);
         address_space_init(cs->as, cpu->cpu_as_root, "CPU");
+
+        /* ... SMRAM with higher priority, linked from /machine/smram.  */
+        cpu->machine_done.notify = x86_cpu_machine_done;
+        qemu_add_machine_init_done_notifier(&cpu->machine_done);
     }
 #endif
 
diff --git a/target-i386/cpu.h b/target-i386/cpu.h
index 4510ae7..df6e885 100644
--- a/target-i386/cpu.h
+++ b/target-i386/cpu.h
@@ -1157,7 +1157,6 @@ void cpu_x86_update_cr3(CPUX86State *env, target_ulong new_cr3);
 void cpu_x86_update_cr4(CPUX86State *env, uint32_t new_cr4);
 
 /* hw/pc.c */
-void cpu_smm_update(CPUX86State *env);
 uint64_t cpu_get_tsc(CPUX86State *env);
 
 #define TARGET_PAGE_BITS 12
@@ -1323,7 +1322,9 @@ void cpu_vmexit(CPUX86State *nenv, uint32_t exit_code, uint64_t exit_info_1);
 /* seg_helper.c */
 void do_interrupt_x86_hardirq(CPUX86State *env, int intno, int is_hw);
 
+/* smm_helper.c */
 void do_smm_enter(X86CPU *cpu);
+void cpu_smm_update(X86CPU *cpu);
 
 void cpu_report_tpr_access(CPUX86State *env, TPRAccess access);
 
diff --git a/target-i386/machine.c b/target-i386/machine.c
index cd1ddd2..69d86cb 100644
--- a/target-i386/machine.c
+++ b/target-i386/machine.c
@@ -372,6 +372,9 @@ static int cpu_post_load(void *opaque, int version_id)
     }
     tlb_flush(cs, 1);
 
+    if (tcg_enabled()) {
+        cpu_smm_update(cpu);
+    }
     return 0;
 }
 
diff --git a/target-i386/smm_helper.c b/target-i386/smm_helper.c
index 5617a14..762f4e5 100644
--- a/target-i386/smm_helper.c
+++ b/target-i386/smm_helper.c
@@ -40,6 +40,14 @@ void helper_rsm(CPUX86State *env)
 #define SMM_REVISION_ID 0x00020000
 #endif
 
+void cpu_smm_update(X86CPU *cpu)
+{
+    CPUX86State *env = &cpu->env;
+    bool smm_enabled = (env->hflags & HF_SMM_MASK);
+
+    memory_region_set_enabled(cpu->smram, smm_enabled);
+}
+
 void do_smm_enter(X86CPU *cpu)
 {
     CPUX86State *env = &cpu->env;
@@ -57,7 +65,7 @@ void do_smm_enter(X86CPU *cpu)
     } else {
         env->hflags2 |= HF2_NMI_MASK;
     }
-    cpu_smm_update(env);
+    cpu_smm_update(cpu);
 
     sm_state = env->smbase + 0x8000;
 
@@ -317,7 +325,7 @@ void helper_rsm(CPUX86State *env)
     }
     env->hflags2 &= ~HF2_SMM_INSIDE_NMI_MASK;
     env->hflags &= ~HF_SMM_MASK;
-    cpu_smm_update(env);
+    cpu_smm_update(cpu);
 
     qemu_log_mask(CPU_LOG_INT, "SMM: after RSM\n");
     log_cpu_state_mask(CPU_LOG_INT, CPU(cpu), CPU_DUMP_CCOP);
