Master regulator that controls 2-micron plasmid inheritance; acts in concert with Rep1p to regulate transcript levels of the FLP1 gene that promotes plasmid copy amplification and 2-micron plasmid inheritance; also has 2-micron plasmid partitioning role independently of Rep1p; autoregulates levels of its own transcript; required for Rep1p stability; both Rep1p and Rep2p are sumoylated which is important for function