Final answer:
The transcription regulatory protein will accumulate in the nucleus after its high-affinity binding partner is degraded, potentially altering the expression of target genes.
Step-by-step explanation:
When a transcription regulatory protein with both a nuclear localization signal and a nuclear export signal loses its high-affinity binding partner in the nucleus due to ubiquitylation and degradation, the regulatory protein is likely to accumulate more in the nucleus. This is because the degradation of this binding partner implies there is less retention of the transcription regulatory protein within the nucleus, thereby changing its steady-state distribution and causing it to accumulate where it has a longer half-life or is less actively exported. However, the absence of the binding partner could mean changes in the expression of the target genes, depending on whether the binding partner was an activator or repressor of the transcription regulatory protein's activity.