Attorneys who represent hedge fund advisers are skeptical about the impact of a new Securities and Exchange Commission rule that requires their clients to register with the government and provide information about their operations.

The rule, promulgated under the Investment Advisors Act of 1940, went into effect on Feb. 1. According to the SEC, 962 hedge fund advisers registered between Jan. 1, 2005 and Feb. 2, 2006. More than 1,100 advisers had registered before being required to do so.