According to the Fish Encyclopedia, the Sombrero is officially known as the "corrugated lipfish" and is a protected animal. In China, it is classified as a second class protected animal. At the 13th CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora) Conference held in October 2004, it was listed in Appendix II of CITES, and is strictly protected under the CITES Convention, as well as being a species in the IUCN Red Book and the United Nations List of Threatened Species.

The corrugated lipfish mainly inhabits treacherous outer reef slopes, and isthmus slopes. It is usually solitary and occasionally occurs in pairs. Adults spend the daytime cruising between reefs and the nighttime roosting in reef caves and under coral shelves.