Protein phosphatase which antagonizes mitotic cyclin-dependent kinase CDC28, the inactivation of which is essential for exit from mitosis. To access its substrates, is released from nucleolar sequestration during mitosis. Plays an essential in coordinating the nuclear division cycle with cytokinesis through the cytokinesis checkpoint. Involved in chromosome segregation, where it is required for meiosis I spindle dissambly as well as for establishing two consecutive chromosome segregation phases (By similarity). Plays a role in the expression of hydrolase genes such as CHT3 and ENG1 involved in septum degradation after cytokinesis. Also required for ACE2 localization to the daughter nucleus. Required for invasive and hyphal growth. H2O + O-phospho-L-tyrosyl-[protein] = L-tyrosyl-[protein] + phosphate Does not accumulate in the nucleolus in interphase cells. At the G1-S transition, starts to accumulate both in the nucleolus and the and the DAPI-staining region of the nucleus. At the S-G2 transition, starts to concentrate as faint foci on the nuclear periphery. In early mitosis, the CDC14 nuclear signal diminishes concentrates to the spindle pole body (SPB). During cytokinesis, the localization at the SPBs gets fainter and the protein is preferentially found at the septum region. In yeast forms, in which cell separation takes place after cytokinesis, CDC14 is present at the bud neck; in hyphal forms, in which cell separation is inhibited, no CDC14 signal is detected. Both during budding and hyphal growth, no detectable levels are observed in G1 cells but, as cells passe through S-phase, begins to accumulate with a peak being reached during mitosis. Mainly phosphorylated as the cells are passing through mitosis in yeast form cells. Phosphorylation is delayed in hyphal-induced cells, indicating that the timing of cell-cycle progression occurs with different kinetics in hyphae and in yeast cells. Leads to defective cell separation and impairs hyphal growth. Belongs to the protein-tyrosine phosphatase family. Non-receptor class CDC14 subfamily.