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分时度假是结合分时与交换概念的新型旅游消费产品,点数制是分时度假发展到一定阶段的产物,是通过“货币化”的点数来体现购买者享有的分时度假权益,点数制分时度假结合点数系统和俱乐部会员形式,使其彰显出债权性、身份性及证券性的复合权属特征,进而影响点数制分时度假权益的法律调整范畴的界定,对于点数制分时度假权益是否属于证券,能否受《证券法》的调整,应从商业证券与金融证券区分的角度进行探讨。
Timeshare is a new travel consumer product that combines the concept of timesharing and exchange. The point system is the product of the development of timeshare to a certain stage. It reflects the rights and interests of timeshare enjoyed by buyers through the points of “monetization” The combination of point system, holiday points system and club membership make it highlight the complex ownership features of debt, identity and securities, and thus affect the definition of legal adjustment category of vacation interest when making points. For points system When the vacation rights belong to the securities, whether it can be regulated by “Securities Law” should be explored from the perspective of the distinction between commercial securities and financial securities.