cp -Rp broken in RELENG_4? 'Operation not permitted' while copying directory permissions

[Vlad]

FreeBSD 4.10-STABLE #3: Thu Sep 30 

$ id
uid=65534(nobody) gid=65534(nobody) groups=65534(nobody)

$ mkdir test

$ chmod 770 test

$ cp -Rp test test2
cp: chmod: test2: Operation not permitted

$ ls -al
drwxrwx---   2 nobody  nobody         512 Oct  7 11:29 test
drwxr-x---   2 nobody  nobody         512 Oct  7 11:29 test2

$ chmod 770 test2

$ ls -al
drwxrwx---   2 nobody  nobody         512 Oct  7 11:29 test
drwxrwx---   2 nobody  nobody        512 Oct  7 11:29 test2

cp taken from 4.9 works just fine. Am I'm missing something?

-- 
Vlad