diff --git a/py/builtinevex.c b/py/builtinevex.c
index 173978ef52..97eab7fad9 100644
--- a/py/builtinevex.c
+++ b/py/builtinevex.c
@@ -45,12 +45,18 @@ STATIC MP_DEFINE_CONST_OBJ_TYPE(
     );
 
 STATIC mp_obj_t code_execute(mp_obj_code_t *self, mp_obj_dict_t *globals, mp_obj_dict_t *locals) {
-    // save context and set new context
-    mp_obj_dict_t *old_globals = mp_globals_get();
-    mp_obj_dict_t *old_locals = mp_locals_get();
+    // save context
+    nlr_jump_callback_node_globals_locals_t ctx;
+    ctx.globals = mp_globals_get();
+    ctx.locals = mp_locals_get();
+
+    // set new context
     mp_globals_set(globals);
     mp_locals_set(locals);
 
+    // set exception handler to restore context if an exception is raised
+    nlr_push_jump_callback(&ctx.callback, mp_globals_locals_set_from_nlr_jump_callback);
+
     // a bit of a hack: fun_bc will re-set globals, so need to make sure it's
     // the correct one
     if (mp_obj_is_type(self->module_fun, &mp_type_fun_bc)) {
@@ -59,19 +65,13 @@ STATIC mp_obj_t code_execute(mp_obj_code_t *self, mp_obj_dict_t *globals, mp_obj
     }
 
     // execute code
-    nlr_buf_t nlr;
-    if (nlr_push(&nlr) == 0) {
-        mp_obj_t ret = mp_call_function_0(self->module_fun);
-        nlr_pop();
-        mp_globals_set(old_globals);
-        mp_locals_set(old_locals);
-        return ret;
-    } else {
-        // exception; restore context and re-raise same exception
-        mp_globals_set(old_globals);
-        mp_locals_set(old_locals);
-        nlr_jump(nlr.ret_val);
-    }
+    mp_obj_t ret = mp_call_function_0(self->module_fun);
+
+    // deregister exception handler and restore context
+    nlr_pop_jump_callback(true);
+
+    // return value
+    return ret;
 }
 
 STATIC mp_obj_t mp_builtin_compile(size_t n_args, const mp_obj_t *args) {
diff --git a/py/builtinimport.c b/py/builtinimport.c
index f6c2f7c348..de4ea17f38 100644
--- a/py/builtinimport.c
+++ b/py/builtinimport.c
@@ -184,28 +184,23 @@ STATIC void do_execute_raw_code(const mp_module_context_t *context, const mp_raw
     mp_obj_dict_t *mod_globals = context->module.globals;
 
     // save context
-    mp_obj_dict_t *volatile old_globals = mp_globals_get();
-    mp_obj_dict_t *volatile old_locals = mp_locals_get();
+    nlr_jump_callback_node_globals_locals_t ctx;
+    ctx.globals = mp_globals_get();
+    ctx.locals = mp_locals_get();
 
     // set new context
     mp_globals_set(mod_globals);
     mp_locals_set(mod_globals);
 
-    nlr_buf_t nlr;
-    if (nlr_push(&nlr) == 0) {
-        mp_obj_t module_fun = mp_make_function_from_raw_code(rc, context, NULL);
-        mp_call_function_0(module_fun);
+    // set exception handler to restore context if an exception is raised
+    nlr_push_jump_callback(&ctx.callback, mp_globals_locals_set_from_nlr_jump_callback);
 
-        // finish nlr block, restore context
-        nlr_pop();
-        mp_globals_set(old_globals);
-        mp_locals_set(old_locals);
-    } else {
-        // exception; restore context and re-raise same exception
-        mp_globals_set(old_globals);
-        mp_locals_set(old_locals);
-        nlr_jump(nlr.ret_val);
-    }
+    // make and execute the function
+    mp_obj_t module_fun = mp_make_function_from_raw_code(rc, context, NULL);
+    mp_call_function_0(module_fun);
+
+    // deregister exception handler and restore context
+    nlr_pop_jump_callback(true);
 }
 #endif
 
diff --git a/py/runtime.c b/py/runtime.c
index cbc7fb9311..2326dfb3ca 100644
--- a/py/runtime.c
+++ b/py/runtime.c
@@ -188,6 +188,12 @@ void mp_deinit(void) {
     #endif
 }
 
+void mp_globals_locals_set_from_nlr_jump_callback(void *ctx_in) {
+    nlr_jump_callback_node_globals_locals_t *ctx = ctx_in;
+    mp_globals_set(ctx->globals);
+    mp_locals_set(ctx->locals);
+}
+
 mp_obj_t MICROPY_WRAP_MP_LOAD_NAME(mp_load_name)(qstr qst) {
     // logic: search locals, globals, builtins
     DEBUG_OP_printf("load name %s\n", qstr_str(qst));
@@ -1582,39 +1588,35 @@ void mp_import_all(mp_obj_t module) {
 
 mp_obj_t mp_parse_compile_execute(mp_lexer_t *lex, mp_parse_input_kind_t parse_input_kind, mp_obj_dict_t *globals, mp_obj_dict_t *locals) {
     // save context
-    mp_obj_dict_t *volatile old_globals = mp_globals_get();
-    mp_obj_dict_t *volatile old_locals = mp_locals_get();
+    nlr_jump_callback_node_globals_locals_t ctx;
+    ctx.globals = mp_globals_get();
+    ctx.locals = mp_locals_get();
 
     // set new context
     mp_globals_set(globals);
     mp_locals_set(locals);
 
-    nlr_buf_t nlr;
-    if (nlr_push(&nlr) == 0) {
-        qstr source_name = lex->source_name;
-        mp_parse_tree_t parse_tree = mp_parse(lex, parse_input_kind);
-        mp_obj_t module_fun = mp_compile(&parse_tree, source_name, parse_input_kind == MP_PARSE_SINGLE_INPUT);
+    // set exception handler to restore context if an exception is raised
+    nlr_push_jump_callback(&ctx.callback, mp_globals_locals_set_from_nlr_jump_callback);
 
-        mp_obj_t ret;
-        if (MICROPY_PY_BUILTINS_COMPILE && globals == NULL) {
-            // for compile only, return value is the module function
-            ret = module_fun;
-        } else {
-            // execute module function and get return value
-            ret = mp_call_function_0(module_fun);
-        }
+    qstr source_name = lex->source_name;
+    mp_parse_tree_t parse_tree = mp_parse(lex, parse_input_kind);
+    mp_obj_t module_fun = mp_compile(&parse_tree, source_name, parse_input_kind == MP_PARSE_SINGLE_INPUT);
 
-        // finish nlr block, restore context and return value
-        nlr_pop();
-        mp_globals_set(old_globals);
-        mp_locals_set(old_locals);
-        return ret;
+    mp_obj_t ret;
+    if (MICROPY_PY_BUILTINS_COMPILE && globals == NULL) {
+        // for compile only, return value is the module function
+        ret = module_fun;
     } else {
-        // exception; restore context and re-raise same exception
-        mp_globals_set(old_globals);
-        mp_locals_set(old_locals);
-        nlr_jump(nlr.ret_val);
+        // execute module function and get return value
+        ret = mp_call_function_0(module_fun);
     }
+
+    // deregister exception handler and restore context
+    nlr_pop_jump_callback(true);
+
+    // return value
+    return ret;
 }
 
 #endif // MICROPY_ENABLE_COMPILER
diff --git a/py/runtime.h b/py/runtime.h
index 9b99e594b0..78194973d6 100644
--- a/py/runtime.h
+++ b/py/runtime.h
@@ -66,6 +66,13 @@ typedef struct _mp_sched_node_t {
     struct _mp_sched_node_t *next;
 } mp_sched_node_t;
 
+// For use with mp_globals_locals_set_from_nlr_jump_callback.
+typedef struct _nlr_jump_callback_node_globals_locals_t {
+    nlr_jump_callback_node_t callback;
+    mp_obj_dict_t *globals;
+    mp_obj_dict_t *locals;
+} nlr_jump_callback_node_globals_locals_t;
+
 // Tables mapping operator enums to qstrs, defined in objtype.c
 extern const byte mp_unary_op_method_name[];
 extern const byte mp_binary_op_method_name[];
@@ -113,6 +120,8 @@ static inline void mp_globals_set(mp_obj_dict_t *d) {
     MP_STATE_THREAD(dict_globals) = d;
 }
 
+void mp_globals_locals_set_from_nlr_jump_callback(void *ctx_in);
+
 mp_obj_t mp_load_name(qstr qst);
 mp_obj_t mp_load_global(qstr qst);
 mp_obj_t mp_load_build_class(void);