A pressure regulating arrangement for a lubricating system of a piston engine, which pressure regulating arrangement comprises - an actuating line, - a pressure regulating valve having a fluid chamber and 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, and 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, - a connecting line connecting the fluid chamber of the pressure regulating valve to the actuating line provided with a first pressure-controlled control valve arranged downstream from the connecting line, 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, wherein the opening of the first control valve is configured to allow the movement of the valve member of the pressure regulating valve from the closed position to the open position, - 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, wherein the opening of the second control valve is configured to allow the movement of the valve member of the pressure regulating valve from the closed position to the open position, - 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 to the second control valve, - a second control line connecting the second control valve to the control line, and - a second connecting line connecting the second control valve to the actuating line, characterized in that the pressure regulating arrangement further comprises an actively controllable normally closed valve for opening and closing fluid communication between the control line and the second control valve, wherein control pressure is transmitted to the second control valve only when the normally closed valve is open. - an actuating line, - a pressure regulating valve having a fluid chamber and 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, and 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, - a connecting line connecting the fluid chamber of the pressure regulating valve to the actuating line provided with a first pressure-controlled control valve arranged downstream from the connecting line, 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, wherein the opening of the first control valve is configured to allow the movement of the valve member of the pressure regulating valve from the closed position to the open position, - 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, wherein the opening of the second control valve is configured to allow the movement of the valve member of the pressure regulating valve from the closed position to the open position, - 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 to the second control valve, - a second control line connecting the second control valve to the control line, and - a second connecting line connecting the second control valve to the actuating line,