Hi 618,
My understanding is that the lender retains all it's rights. In practice, the voting rights are tricky but the dividends aren't. In the case of franked dividends, the borrower must also make a payment to the lender reflecting the imputation credit to the legal owner reflecting actual value of the dividend not received. The purchaser of the lent stock does inherit the rights, but the borrower is responsible for making good to the lender what the lender has not received as a result of the loan agreement.
I still maintain that as the lender has not disposed of the stock, they retain beneficial owner/control status for compliance reporting. In your example, Entity B, as borrower and short seller has no legal ownership or net position.
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