Phospholipase B that deacylates intracellular phosphatidylcholine (PtdCho), generating glycerophosphocholine (GroPtdCho). This deacylation occurs at both sn-2 and sn-1 positions of PtdCho. Its specific chemical modification by certain organophosphorus (OP) compounds leads to distal axonopathy. Plays a role in the signaling mechanism between neurons and glia that regulates glia wrapping during development of the adult brain. Essential for membrane lipid homeostasis and cell survival in both neurons and glia of the adult brain. a 1-acyl-sn-glycero-3-phosphocholine + H2O = a fatty acid + H(+) + sn-glycerol 3-phosphocholine Interacts with Pka-C3; interaction inhibits the catalytic function of Pka-C3 and the esterase activity of sws. Sws tethers Pka-C3 to the membrane. Isoform A and isoform B are expressed in the entire brain cortex; cortical cell bodies of adult brain. Sws and Pka-C3 are colocalized in all neurons. Isoform A is expressed in all developmental stages with highest levels in young embryos and adults. Isoform B is detected only in adult head. Progressive degeneration of the adult nervous system, associated with apoptotic cell death, glial hyperwrapping, and neuronal apoptosis. Also, vacuolization in the neuropil. Belongs to the NTE family.