A proportional pressure regulating valve has a spring-loaded valve piston (10) guided in and actuated by an actuating magnet (14) within a valve housing (12). Opposite valve piston sides are exposed to tank pressure. The valve piston (10) has a regulation surface (44) connectable to working port (A) for a regulation pressure (PR). A ring-shaped chamber (42) in the valve housing (10) opens into the working port (A). At the transition between the ring-shaped chamber (42) and the working port (A), the regulation surface (44) is active. When the actuating magnet (14) is deenergized, a maximum regulation pressure (PR) is generated.