There are no industry standards governing this behavior. For GSM, the industry certification standard provided by PTCRB only regulates radio characteristics of devices operating in the network, as well as compliance with the GSM protocol.
Individual carriers, however, do regulate the behavior of M2M deivces on their networks. The regulations are specific to each individual carrier, may be formal or informal, and may be documented or not. Regarding your question, carriers may (or may not) regulate the frequency of retries and the total number of retries that a device may make within some time period. For AT&T specifically in the United States, we have found that AT&T has a formal, undocumented standard on retry frequency that must be verified by independent laboratory testing (i.e., you either "pass" or you don't). Obviously, "retry as fast as possible" does not pass. AT&T and their MVNOs will not issue SIMs for devices that have not passed carrier certification in addition to PTCRB certification.
The carriers appear unconcerned about potential conflicts with any standards in the served industries. We are one of the largest providers of backup cellular connections to the security industry, however, and we have never seen any such conflict, so your concern may be speculative.
The direction on the part of the carriers is to upgrade their policy servers in their networks to detect more of this aberrant M2M behavior, and to disconnect and block the units that exhibit it automatically in real time. We have already seen some of this automatic policy "enforcement" in the United States.