diff --git a/sm/certchain.c b/sm/certchain.c
index 8c25bdec1..334af8d2d 100644
--- a/sm/certchain.c
+++ b/sm/certchain.c
@@ -1051,15 +1051,10 @@ gpgsm_walk_cert_chain (ctrl_t ctrl, ksba_cert_t start, ksba_cert_t *r_next)
   gpg_error_t err = 0;
   char *issuer = NULL;
   char *subject = NULL;
-  KEYDB_HANDLE kh = keydb_new ();
+  KEYDB_HANDLE kh = NULL;
+  cert_cache_item_t ci;
 
   *r_next = NULL;
-  if (!kh)
-    {
-      log_error (_("failed to allocate keyDB handle\n"));
-      err = gpg_error (GPG_ERR_GENERAL);
-      goto leave;
-    }
 
   issuer = ksba_cert_get_issuer (start, 0);
   subject = ksba_cert_get_subject (start, 0);
@@ -1082,6 +1077,30 @@ gpgsm_walk_cert_chain (ctrl_t ctrl, ksba_cert_t start, ksba_cert_t *r_next)
       goto leave;
     }
 
+  if (!(opt.compat_flags & COMPAT_NO_CHAIN_CACHE))
+    {
+      unsigned char fpr[20];
+
+      gpgsm_get_fingerprint (start, GCRY_MD_SHA1, fpr, NULL);
+      for (ci = ctrl->parent_cert_cache; ci; ci = ci->next)
+        {
+          if (!memcmp (fpr, ci->fpr, 20) && ci->result)
+            {
+              /* Found in the cache.  */
+              ksba_cert_ref ((*r_next = ci->result));
+              goto leave;
+            }
+        }
+    }
+
+  kh = keydb_new ();
+  if (!kh)
+    {
+      log_error (_("failed to allocate keyDB handle\n"));
+      err = gpg_error (GPG_ERR_GENERAL);
+      goto leave;
+    }
+
   err = find_up (ctrl, kh, start, issuer, 0);
   if (err)
     {
@@ -1100,6 +1119,22 @@ gpgsm_walk_cert_chain (ctrl_t ctrl, ksba_cert_t start, ksba_cert_t *r_next)
       log_error ("keydb_get_cert() failed: %s <%s>\n",
                  gpg_strerror (err), gpg_strsource (err));
       err = gpg_error (GPG_ERR_GENERAL);
+      goto leave;
+    }
+
+  /* Cache it. */
+  if (!(opt.compat_flags & COMPAT_NO_CHAIN_CACHE))
+    {
+      ci = xtrycalloc (1, sizeof *ci);
+      if (!ci)
+        {
+          err = gpg_error_from_syserror ();
+          goto leave;
+        }
+      gpgsm_get_fingerprint (start, GCRY_MD_SHA1, ci->fpr, NULL);
+      ksba_cert_ref ((ci->result = *r_next));
+      ci->next = ctrl->parent_cert_cache;
+      ctrl->parent_cert_cache = ci;
     }
 
  leave:
@@ -1816,6 +1851,24 @@ do_validate_chain (ctrl_t ctrl, ksba_cert_t cert, ksba_isotime_t checktime_arg,
         }
 
       /* Find the next cert up the tree. */
+      if (!(opt.compat_flags & COMPAT_NO_CHAIN_CACHE))
+        {
+          cert_cache_item_t ci;
+          unsigned char fpr[20];
+
+          gpgsm_get_fingerprint (subject_cert, GCRY_MD_SHA1, fpr, NULL);
+          for (ci = ctrl->parent_cert_cache; ci; ci = ci->next)
+            {
+              if (!memcmp (fpr, ci->fpr, 20) && ci->result)
+                {
+                  /* Found in the cache.  */
+                  ksba_cert_release (issuer_cert);
+                  ksba_cert_ref ((issuer_cert = ci->result));
+                  goto found_in_cache;
+                }
+            }
+        }
+
       keydb_search_reset (kh);
       rc = find_up (ctrl, kh, subject_cert, issuer, 0);
       if (rc)
@@ -1846,6 +1899,26 @@ do_validate_chain (ctrl_t ctrl, ksba_cert_t cert, ksba_isotime_t checktime_arg,
           goto leave;
         }
 
+      /* Cache it.  The chain->next is here so that the leaf
+       * certificates are not cached. */
+      if (!(opt.compat_flags & COMPAT_NO_CHAIN_CACHE) && chain->next)
+        {
+          cert_cache_item_t ci;
+
+          ci = xtrycalloc (1, sizeof *ci);
+          if (!ci)
+            {
+              rc = gpg_error_from_syserror ();
+              goto leave;
+            }
+          gpgsm_get_fingerprint (subject_cert, GCRY_MD_SHA1, ci->fpr, NULL);
+          ksba_cert_ref ((ci->result = issuer_cert));
+          ci->next = ctrl->parent_cert_cache;
+          ctrl->parent_cert_cache = ci;
+      }
+
+    found_in_cache:
+
     try_another_cert:
       if (DBG_X509)
         {
diff --git a/sm/gpgsm.c b/sm/gpgsm.c
index 25fdfe57b..91a63bd13 100644
--- a/sm/gpgsm.c
+++ b/sm/gpgsm.c
@@ -469,6 +469,7 @@ static struct debug_flags_s debug_flags [] =
 static struct compatibility_flags_s compatibility_flags [] =
   {
     { COMPAT_ALLOW_KA_TO_ENCR, "allow-ka-to-encr" },
+    { COMPAT_NO_CHAIN_CACHE, "no-chain-cache"     },
     { 0, NULL }
   };
 
@@ -499,6 +500,9 @@ static int default_include_certs = DEFAULT_INCLUDE_CERTS;
 /* Whether the chain mode shall be used for validation.  */
 static int default_validation_model;
 
+/* Counter used to convey data from deinit_ctrl to gpgsm_exit.  */
+static unsigned int parent_cache_stats;
+
 /* The default cipher algo.  */
 #define DEFAULT_CIPHER_ALGO "AES256"
 
@@ -2111,6 +2115,7 @@ main ( int argc, char **argv)
     }
 
   /* cleanup */
+  gpgsm_deinit_default_ctrl (&ctrl);
   free_strlist (opt.keyserver);
   opt.keyserver = NULL;
   gpgsm_release_certlist (recplist);
@@ -2135,6 +2140,7 @@ gpgsm_exit (int rc)
   gcry_control (GCRYCTL_UPDATE_RANDOM_SEED_FILE);
   if (opt.debug & DBG_MEMSTAT_VALUE)
     {
+      log_info ("cert_chain_cache: cached=%u\n", parent_cache_stats);
       gcry_control( GCRYCTL_DUMP_MEMORY_STATS );
       gcry_control( GCRYCTL_DUMP_RANDOM_STATS );
     }
@@ -2156,6 +2162,27 @@ gpgsm_init_default_ctrl (struct server_control_s *ctrl)
 }
 
 
+/* This function is called to deinitialize a control object.  The
+ * control object is is not released, though.  */
+void
+gpgsm_deinit_default_ctrl (ctrl_t ctrl)
+{
+  unsigned int n;
+
+  n = 0;
+  while (ctrl->parent_cert_cache)
+    {
+      cert_cache_item_t next = ctrl->parent_cert_cache->next;
+      ksba_cert_release (ctrl->parent_cert_cache->result);
+      xfree (ctrl->parent_cert_cache);
+      ctrl->parent_cert_cache = next;
+      n++;
+    }
+  if (n > parent_cache_stats)
+    parent_cache_stats = n;
+}
+
+
 int
 gpgsm_parse_validation_model (const char *model)
 {
diff --git a/sm/gpgsm.h b/sm/gpgsm.h
index 3946b5679..b05918f67 100644
--- a/sm/gpgsm.h
+++ b/sm/gpgsm.h
@@ -183,11 +183,23 @@ struct
  *  policies: 1.3.6.1.4.1.7924.1.1:N:
  */
 #define COMPAT_ALLOW_KA_TO_ENCR   1
-
+/* Not actually a compatibiliy flag but useful to limit the
+ * required memory for a validated key listing.  */
+#define COMPAT_NO_CHAIN_CACHE     2
 
 /* Forward declaration for an object defined in server.c */
 struct server_local_s;
 
+/* On object used to keep a track of already known certificates.  */
+struct cert_cache_item_s
+{
+  struct cert_cache_item_s *next;
+  unsigned char fpr[20]; /* The certificate's fingerprint.  */
+  ksba_cert_t result;    /* The resulting certificate (ie. the issuer).  */
+};
+typedef struct cert_cache_item_s *cert_cache_item_t;
+
+
 /* Session control object.  This object is passed down to most
    functions.  Note that the default values for it are set by
    gpgsm_init_default_ctrl(). */
@@ -236,6 +248,9 @@ struct server_control_s
 
   /* The current time.  Used as a helper in certchain.c.  */
   ksba_isotime_t current_time;
+
+  /* The cache used to find the parent cert.  */
+  cert_cache_item_t parent_cert_cache;
 };
 
 
@@ -271,6 +286,7 @@ extern int gpgsm_errors_seen;
 
 void gpgsm_exit (int rc);
 void gpgsm_init_default_ctrl (struct server_control_s *ctrl);
+void gpgsm_deinit_default_ctrl (ctrl_t ctrl);
 int  gpgsm_parse_validation_model (const char *model);
 
 /*-- server.c --*/
diff --git a/sm/server.c b/sm/server.c
index 31abe3727..5afb7f150 100644
--- a/sm/server.c
+++ b/sm/server.c
@@ -1422,6 +1422,7 @@ gpgsm_server (certlist_t default_recplist)
   audit_release (ctrl.audit);
   ctrl.audit = NULL;
 
+  gpgsm_deinit_default_ctrl (&ctrl);
   assuan_release (ctx);
 }