In this paper an extensive literature review of power system frequency control regulation and in relation to this, operating reserve determination policy have been highlighted. In terms of power system reliability and stability aspect, frequency control mechanism is the most important factor; hence there is a need for sufficient capacity reserve in case of contingency. An investigation of operating reserve policy in different regions, e.g., US, Canada, Europe and Asia have been conducted to clearer understand of reserve policy. It has been identified that, probabilistic approach is the best suited for determining generation adequacy in terms of economic and reliability point of view. Different type of reserve is allocated at different level of frequency control level. So, technical specification and timing for frequency control level of different system operator have been discussed widely. A comparison of frequency control framework between European and US is also presented. To ensure reliability and stability, it is recommended to adopt special protection scheme alongside new technologies-WAMS, SmartGrid.