A pressure regulating arrangement for a lubricating system of a piston engine, which pressure regulating arrangement comprises - a pressure regulating valve having an inlet that can be arranged in fluid communication with a lubricating oil line where pressure needs to be regulated, an outlet that can be arranged in fluid communication with a pressure release line, a valve member that is movable between a closed position preventing flow between the inlet and the outlet and an open position allowing flow between the inlet and the outlet, and a fluid chamber, wherein pressure release from the fluid chamber is configured to allow movement of the valve member from the closed position towards the open position, - a first pressure-controlled control valve, which is configured to move from a closed position to an open position when a control pressure at the first control valve exceeds a first predetermined limit value, - a control line that can be arranged in fluid communication with the lubricating oil line for transmitting control pressure to the first control valve, and - means for establishing fluid communication between the fluid chamber and the first control valve, wherein flow through the first control valve in the open position of the valve is configured to allow outflow from the fluid chamber of the pressure regulating valve for releasing pressure from the fluid chamber, the pressure regulating arrangement further comprising - a second pressure-controlled control valve, which is configured to move from a closed position to an open position when a control pressure at the second control valve exceeds a second predetermined limit value, which is lower than the first predetermined limit value, - means for transmitting control pressure to the second control valve, and - means for establishing fluid communication between the fluid chamber and the second control valve, wherein flow through the second control valve in the open position of the valve is configured to allow outflow from the fluid chamber of the pressure regulating valve for releasing pressure from the fluid chamber, and the pressure regulating arrangement further comprises means (40, 41) for selectively preventing fluid communication between the fluid chamber and the second control valve, the arrangement comprises an actuating line connecting the lubricating oil line to the fluid chamber, and the actuating line is provided with a throttle, which is configured to cause a pressure drop when lubricating oil flows through it, characterized in that the actuating line is provided with a branch, which is connected to the control line, and wherein the branch is provided with a check valve, which allows flow from the actuating line to the control line, when a predetermined pressure difference over the check valve is exceeded. - a pressure regulating valve having an inlet that can be arranged in fluid communication with a lubricating oil line where pressure needs to be regulated, an outlet that can be arranged in fluid communication with a pressure release line, a valve member that is movable between a closed position preventing flow between the inlet and the outlet and an open position allowing flow between the inlet and the outlet, and a fluid chamber, wherein pressure release from the fluid chamber is configured to allow movement of the valve member from the closed position towards the open position, - a first pressure-controlled control valve, which is configured to move from a closed position to an open position when a control pressure at the first control valve exceeds a first predetermined limit value, - a control line that can be arranged in fluid communication with the lubricating oil line for transmitting control pressure to the first control valve, and - means for establishing fluid communication between the fluid chamber and the first control valve, - a second pressure-controlled control valve, which is configured to move from a closed position to an open position when a control pressure at the second control valve exceeds a second predetermined limit value, which is lower than the first predetermined limit value, - means for transmitting control pressure to the second control valve, and - means for establishing fluid communication between the fluid chamber and the second control valve,