No. As for the effect of the “shall”, in these sections Parliament has delegated to the Governor in Council the ability to make regulations and with the “shall” is then further delegating the regulations made by its delegate. It's delegating to this committee the power to review those regulations.
Yes, according to the text of the amendment, there is no requirement on the government and there's no report required to be laid in order for it to have any effect on the regulations that are being made. I believe the text says “once the regulation has been made”, not “prior” to it being made.