A flow regulating valve subassembly includes a main valve configured as a seat valve and a valve piston. The valve piston is acted upon via a first end face by the pressure of a first working connection and via an annular surface of the valve piston by the pressure of a second working connection in the opening direction. The valve piston is also acted upon in the closing direction via a second end face by the pressure of the higher-pressure working connection. An adjustable throttle is formed between a housing of the main valve and the valve piston. The throttle has a cross section that changes continuously during displacement of the valve piston and connects the higher-pressure working connection to the second end face. A pilot control valve arrangement is configured to control a control line which connects the second end face to the lower-pressure working connection.