The pressure regulating valve has a main housing divided into two sections by a flexible diaphragm (6). Secured to the diaphragm is a guide bush (25) and in the center of this there is an insert (9). The insert is formed with a ridge (15) that secures an elastomer plug (11) that controls the flow between an inlet (22) and an outlet (16). A coil spring provides a force to set the operating pressure.