The study examines the effects of cognitive reappraisal on the event-related potentials (ERPs) to affective stimuli. Participants (n = 53) were asked either to attend affective images, or to down-regulate negative affect, or to up-regulate positive affect. Reappraisal of negative images was associated with attenuation of the P300 and late positive potential (LPP) over parietal regions, whereas reappraisal of positive images had no significant effect on ERP components. The weak P300 reduction correlated with high personality scores of negative affectivity. We assume that only down-regulation of negative emotions is associated with the changes in primary appraisals, and so far reflected in ERP modulation.