What do I need to note when I intend to short sell the securities during a corporate action entitlement (dividend / bonus / rights) period but only buy back after the ex-date?

As a borrower, you will have to protect the lender from any loss of corporate action entitlements at all times. Therefore, when securities are bought back after the ex-date, you will have to reimburse the lender the same amount of corporate action entitlement as if the lender is still holding the securities.

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