diff --git a/overlord/registrystate/registrystate.go b/overlord/registrystate/registrystate.go
index c83b77ae6ee5..ccc8dd2f37ef 100644
--- a/overlord/registrystate/registrystate.go
+++ b/overlord/registrystate/registrystate.go
@@ -213,13 +213,20 @@ func updateDatabags(st *state.State, databag registry.JSONDataBag, reg *registry
 	return nil
 }
 
-type cachedRegistryTx struct{}
+type cachedRegistryTx struct {
+	account  string
+	registry string
+}
 
 // RegistryTransaction returns the registry.Transaction cached in the context
 // or creates one and caches it, if none existed. The context must be locked by
 // the caller.
 func RegistryTransaction(ctx *hookstate.Context, reg *registry.Registry) (*registry.Transaction, error) {
-	tx, ok := ctx.Cached(cachedRegistryTx{}).(*registry.Transaction)
+	key := cachedRegistryTx{
+		account:  reg.Account,
+		registry: reg.Name,
+	}
+	tx, ok := ctx.Cached(key).(*registry.Transaction)
 	if ok {
 		return tx, nil
 	}
@@ -233,6 +240,6 @@ func RegistryTransaction(ctx *hookstate.Context, reg *registry.Registry) (*regis
 		return tx.Commit()
 	})
 
-	ctx.Cache(cachedRegistryTx{}, tx)
+	ctx.Cache(key, tx)
 	return tx, nil
 }
diff --git a/overlord/registrystate/registrystate_test.go b/overlord/registrystate/registrystate_test.go
index 893589fb8879..417a17280ecd 100644
--- a/overlord/registrystate/registrystate_test.go
+++ b/overlord/registrystate/registrystate_test.go
@@ -296,31 +296,73 @@ func (s *registryTestSuite) TestRegistrystateGetEntireView(c *C) {
 }
 
 func (s *registryTestSuite) TestRegistryTransaction(c *C) {
-	reg, err := registry.New("acc", "foo", map[string]interface{}{
-		"bar": map[string]interface{}{
-			"rules": []interface{}{
-				map[string]interface{}{"request": "foo", "storage": "foo"},
+	mkRegistry := func(account, name string) *registry.Registry {
+		reg, err := registry.New(account, name, map[string]interface{}{
+			"bar": map[string]interface{}{
+				"rules": []interface{}{
+					map[string]interface{}{"request": "foo", "storage": "foo"},
+				},
 			},
-		},
-	}, registry.NewJSONSchema())
-	c.Assert(err, IsNil)
+		}, registry.NewJSONSchema())
+		c.Assert(err, IsNil)
+		return reg
+	}
 
 	s.state.Lock()
 	task := s.state.NewTask("test-task", "my test task")
 	setup := &hookstate.HookSetup{Snap: "test-snap", Revision: snap.R(1), Hook: "test-hook"}
 	s.state.Unlock()
-
 	mockHandler := hooktest.NewMockHandler()
-	ctx, err := hookstate.NewContext(task, task.State(), setup, mockHandler, "")
-	c.Assert(err, IsNil)
 
-	ctx.Lock()
-	defer ctx.Unlock()
+	type testcase struct {
+		acc1, acc2 string
+		reg1, reg2 string
+		equals     bool
+	}
 
-	tx, err := registrystate.RegistryTransaction(ctx, reg)
-	c.Assert(err, IsNil)
+	tcs := []testcase{
+		{
+			// same transaction
+			acc1: "acc-1", reg1: "reg-1",
+			acc2: "acc-1", reg2: "reg-1",
+			equals: true,
+		},
+		{
+			// different registry name, different transaction
+			acc1: "acc-1", reg1: "reg-1",
+			acc2: "acc-1", reg2: "reg-2",
+		},
+		{
+			// different account, different transaction
+			acc1: "acc-1", reg1: "reg-1",
+			acc2: "acc-2", reg2: "reg-1",
+		},
+		{
+			// both different, different transaction
+			acc1: "acc-1", reg1: "reg-1",
+			acc2: "acc-2", reg2: "reg-2",
+		},
+	}
 
-	sameTx, err := registrystate.RegistryTransaction(ctx, reg)
-	c.Assert(err, IsNil)
-	c.Assert(tx, Equals, sameTx)
+	for _, tc := range tcs {
+		ctx, err := hookstate.NewContext(task, task.State(), setup, mockHandler, "")
+		c.Assert(err, IsNil)
+		ctx.Lock()
+
+		reg1 := mkRegistry(tc.acc1, tc.reg1)
+		reg2 := mkRegistry(tc.acc2, tc.reg2)
+
+		tx1, err := registrystate.RegistryTransaction(ctx, reg1)
+		c.Assert(err, IsNil)
+
+		tx2, err := registrystate.RegistryTransaction(ctx, reg2)
+		c.Assert(err, IsNil)
+
+		if tc.equals {
+			c.Assert(tx1, Equals, tx2)
+		} else {
+			c.Assert(tx1, Not(Equals), tx2)
+		}
+		ctx.Unlock()
+	}
 }