As you said, they'll look to close a loophole. They need to look like they have some form of authority whilst the government are planning to introduce an independent regulator even though the horse has bolted.
A review would be pointless, how far back do you want to go, Man City selling several young players for high fees to Southampton? Bournemouth's bizarre valuation of Liverpool's players by a man who now works for Liverpool? The several deals between Udinese and Watford?
Clubs have been doing this for years, it's just Chelsea have once again ruined it for everybody by paying a ridiculous fee for an Aston Villa player.