The Securities and Exchange Commission (SEC) urged listed firms to promptly report any developments that could influence investors, following the arrest of Global Ferronickel Holdings Inc. (FNI) Chairman Joseph Sy at Ninoy Aquino International Airport last week.

“All material developments that may influence investors’ decisions must be promptly disclosed to the public,” the SEC said on Tuesday, citing Rule 17.1.1 of the Implementing Rules and Regulations of the Securities Regulation Code and the Philippine Stock Exchange’s Consolidated Listing and Disclosure Rules.

The regulator said it is closely monitoring the case and will determine whether any action is warranted under its jurisdiction, emphasizing its role in promoting market transparency and investor confidence, particularly on matters affecting the governance of listed companies.

FNI, the country’s second-largest nickel producer, called the arrest and detention of Sy over alleged misrepresentation of citizenship “baseless,” highlighting multiple rulings from the Bureau of Immigration, Department of Justice, Office of the President, SEC and the Supreme Court confirming his Filipino citizenship.

Sy entered the country using a valid Philippine passport, recognized by the Supreme Court as proof of citizenship.