Function as phospholipase selective for phosphatidylcholine (By similarity). Implicated as a critical step in numerous cellular pathways, including signal transduction, membrane trafficking, and the regulation of mitosis. May be involved in the regulation of perinuclear intravesicular membrane traffic (By similarity). a 1,2-diacyl-sn-glycero-3-phosphocholine + H2O = a 1,2-diacyl-sn-glycero-3-phosphate + choline + H(+) a 1,2-diacyl-sn-glycero-3-phosphocholine + ethanol = 1,2-diacyl-sn-glycero-3-phosphoethanol + choline 1,2-dihexadecanoyl-sn-glycero-3-phosphocholine + H2O = 1,2-dihexadecanoyl-sn-glycero-3-phosphate + choline + H(+) Stimulated by phosphatidylinositol 4,5-bisphosphate and phosphatidylinositol 3,4,5-trisphosphate, activated by the phosphokinase C-alpha, by the ADP-ribosylation factor-1 (ARF-1), and to a lesser extent by GTP-binding proteins: RHO A, RAC-1 and CDC42. Inhibited by oleate. Interacts with PIP5K1B. Phosphorylated on serine and threonine residues. It is uncertain whether palmitoylation is on Cys-240 and/or Cys-241. Palmitoylation is required prior to phosphorylation. Belongs to the phospholipase D family.