E3 ubiquitin ligase catalyzing the covalent attachment of ubiquitin moieties onto substrate proteins. These substrates include FILIP1, p53/TP53, CDKN1A and TERT. Keeps cells alive by suppressing p53/TP53 under normal conditions, but stimulates apoptosis by repressing CDKN1A under stress conditions. Acts as a negative regulator of telomerase. Has negative and positive effects on RNA polymerase II- dependent transcription. {ECO:0000269|PubMed:16785614, ECO:0000269|PubMed:19536131}. This is the function of ENSG00000133606 (MKRN1, makorin ring finger protein 1).