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A reliable and an efficient power system is a necessity for any industrialized society. Governments have to enforce regulations to guarantee that such a power system, in spite of many competing stakeholders, participants, companies, and regulating agencies can be operational. This paper analyzes the present arrangements and the future requirements to be posed on incentives and regulation for ancillary services (AS) for power balancing. The paper proposes companies to assess their own needs for AS. A two-sided market for AS is being described to replace the existing arrangements for secondary control. The proposed solution guarantees a reliable and efficient operation of power systems in a market environment with responsive, reliable, and accountable but also competing prosumers, a large penetration of less-predictable renewables and continent-spanning transmission networks.