Regulatory reform in the post global financial crisis has been extensive, going deep into many micro-prudential (capital, liquidity…) and macroprudential (systemic risk buffers…) aspects. Lot of intellectual energy and negotiating power have gone into delivering today’s extensive post-crisis legislations originating from Basel. Can we say our financial system is truly more crisis-resilient? This lecture considers the key regulatory changes and argues that some potentially critical elements of regulatory reform maybe missing, and that these “elephants in the room” not simply pose systemic risks to but ultimately also provide ammunition to anti-elite populism.