A valve for regulating the rate of flow and/or the pressure of oil flowing to a transmission or another consumer in the power train of a motor vehicle has a piston which defines with the valve housing a chamber for one or more springs and for oil being admitted through a first inlet by way of a first conduit containing a first throttle. A second inlet admits pressurized oil from a pump, and such oil can be admitted into the consumer by way of a first outlet and a second conduit containing a second throttle and supplying oil to the first conduit. A second outlet can deliver oil from the second inlet to the sump in response to shifting of the piston. A hydraulic seal is established between the piston and the housing intermediate the chamber and the second outlet to prevent leakage of oil from the chamber into the second outlet. Oil leaking from the chamber could adversely influence the characteristics of oil flowing into the consumer.