Canada is on a bit of a high. While the rest of the world, with a couple of exceptions, reworks banking legislation they see our financial regulatory system as something to emulate.However, that doesn’t mean we shouldn’t take a look at some smart legislation being passed by our European friends. Last week the EU parliament voted ‘overwhelmingly’ to adopt regulation of the mobile phone billing, to prevent “Bill Shock.” The EU legislation will limit data roaming rates and usage limits and notify subscribers when they hit 80% of the limit is reached in their plan. I should probably point out this is of course something that one of Wesley Clover investments does, Bridgewater Systems addresses with their Subscriber Policy Management Systems.But “Bill Shock” is certainly whats taking place as our phones become more mobile. There is the story of a guy who downloaded a movie, while on vacation in Mexico – the roaming charges ended up putting his bill in the $60,000 range. Personally, I’m for a “your bill looks silly” rule. If your bill for this month ever hits double your bill from last month (or double your monthly contract) your carrier gets your verbal ok, with your security question, to continue providing service – if not its cut off. It would be pretty easy to implement and eliminate a good portion of these insane bills we’re hearing about –like the guy who lost his phone in Peru.