A pressure regulating valve includes a body having an outer surface, the interior of the body defining an inlet chamber adapted to receive a fluid at a process pressure, and an outlet chamber. The body includes at least one inlet passage communicating with the inlet chamber and the outer surface, and at least one outlet passage communicating with the outer surface and the outlet chamber. A reference housing is adapted to be disposed in fluid communication with a fluid at a predetermined reference pressure. An annular membrane is disposed between the body and the reference housing, so as to circumscribe the inlet and outlet passages. The membrane is arranged such that, when the reference pressure is higher than the process pressure the membrane engages at least one outlet passage, and when the process pressure is higher than the reference pressure, the membrane is not engaged with the outlet passage.