A pressure-regulating valve comprising: a valve sleeve (102; 202) including a first end (114; 214) and a second end (116; 216) defining a longitudinal axis therebetween, and a bore (118; 218) axially aligned between the first and second ends; a sense line (104; 204) defined within the bore proximate the first end; a sense piston (106; 206) mounted within the bore between the sense line and the second end, configured to move along the longitudinal axis in response to pressure exerted by fluid in the sense line; a main chamber (108; 208) defined within the bore between the sense piston and the second end, wherein the main chamber includes a supply port (120; 220) and a vent port (122; 222), wherein the supply port and the vent port are in fluid communication with one another by way of the main chamber; a first valve spool (110; 210) mounted within the bore between the sense piston and the second end, wherein the first valve spool occludes a portion of the vent port to a variable extent to modulate a flow rate between the supply port and the vent port, and wherein the first valve spool is configured to move along the longitudinal axis to modulate a flow rate in a fluid circuit for regulation of a sense pressure; a second valve spool (112; 212) mounted within the bore between the first valve spool and the second end configured to move along the longitudinal axis to modulate flow rate in a bypass line (134; 234) for regulation of a balance pressure; and a balance pressure chamber (136; 236) defined between the first valve spool (110; 210) and the second valve spool (112; 212), characterised in that the balance pressure chamber includes an inlet and an outlet, wherein the second valve spool occludes a portion of the outlet of the balance pressure chamber to a variable extent to regulate pressure within the balance pressure chamber. a valve sleeve (102; 202) including a first end (114; 214) and a second end (116; 216) defining a longitudinal axis therebetween, and a bore (118; 218) axially aligned between the first and second ends; a sense line (104; 204) defined within the bore proximate the first end; a sense piston (106; 206) mounted within the bore between the sense line and the second end, configured to move along the longitudinal axis in response to pressure exerted by fluid in the sense line; a main chamber (108; 208) defined within the bore between the sense piston and the second end, wherein the main chamber includes a supply port (120; 220) and a vent port (122; 222), wherein the supply port and the vent port are in fluid communication with one another by way of the main chamber; a first valve spool (110; 210) mounted within the bore between the sense piston and the second end, wherein the first valve spool occludes a portion of the vent port to a variable extent to modulate a flow rate between the supply port and the vent port, and wherein the first valve spool is configured to move along the longitudinal axis to modulate a flow rate in a fluid circuit for regulation of a sense pressure; a second valve spool (112; 212) mounted within the bore between the first valve spool and the second end configured to move along the longitudinal axis to modulate flow rate in a bypass line (134; 234) for regulation of a balance pressure; and a balance pressure chamber (136; 236) defined between the first valve spool (110; 210) and the second valve spool (112; 212), characterised in that the balance pressure chamber includes an inlet and an outlet, wherein the second valve spool occludes a portion of the outlet of the balance pressure chamber to a variable extent to regulate pressure within the balance pressure chamber.