Substrate-recognition component of a cullin-5-RING E3 ubiquitin-protein ligase complex (ECS complex, also named CRL5 complex), which mediates the ubiquitination and subsequent proteasomal degradation of target proteins, such as DAB1 and IRS1 (PubMed:16127460). Specifically recognizes and binds phosphorylated proteins via its SH2 domain, promoting their ubiquitination (By similarity). The ECS(SOCS7) complex acts as a key regulator of reelin signaling by mediating ubiquitination and degradation of phosphorylated DAB1 in the cortical plate of the developing cerebral cortex, thereby regulating neuron positioning during cortex development (By similarity). Functions in insulin signaling and glucose homeostasis through IRS1 ubiquitination and subsequent proteasomal degradation (PubMed:16127460). Also inhibits prolactin, growth hormone and leptin signaling by preventing STAT3 and STAT5 activation, sequestering them in the cytoplasm and reducing their binding to DNA (PubMed:15677474). {ECO:0000250|UniProtKB:Q8VHQ2, ECO:0000269|PubMed:15677474, ECO:0000269|PubMed:16127460}. This is the function of SOCS7 (suppressor of cytokine signaling 7, Ensembl gene identifier ENSG00000274211).