Market Reform Act of 1990

Market Reform Act of 1990 - Amends the Securities Exchange Act of 1934, with respect to Securities and Exchange Commission (SEC) authority to temporarily suspend all securities trading, to render a suspension order ineffective unless the SEC notifies the President of its decision and it is advised that the President does not disapprove of such decision. Authorizes the SEC by order to take whatever actions it deems necessary in an emergency situation to: (1) maintain or restore fair and orderly securities markets (other than markets in exempted securities); or (2) ensure prompt and accurate clearance and settlement of transactions in any securities (other than exempted securities). Limits to ten business days any such action. Authorizes the President to override such SEC actions.

Establishes reporting and disclosure requirements for: (1) large securities traders; (2) registered brokers and dealers (with respect to large trader securities transactions); and (3) certain registered municipal securities dealers. Authorizes the SEC to require additional reports concerning the financial and securities activities of a dealer's corporate business associates if it has reasonable concerns about the dealer's financial condition. Prescribes notification procedures. Deems copies of certain reports filed by the associated person with a Federal banking agency to meet such recordkeeping requirements. Permits the SEC to require supplemental information about potential risks from brokers, dealers, or municipal securities dealers. Prescribes guidelines under which the SEC may exempt persons from the reporting requirements.

Directs the SEC to facilitate the establishment of: (1) a national system for clearance and settlement of securities transactions; and (2) coordinated facilities for clearance and settlement of transactions in securities, options and contracts. Authorizes the SEC to adopt rules concerning securities transfers and pledges if it finds such rules appropriate for the public interest.

Directs the SEC to establish an Advisory Committee to report on areas selected by the SEC.

Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC): (1) facilitate the establishment of coordinated facilities for the settlement of commodities options, contracts and securities; and (2) along with the SEC to report to the Congress on the progress made toward establishing linked facilities for the clearance and settlement of transactions in securities, options and contracts.

Requires the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the SEC and the Chairman of CFTC to report annually to the Congress regarding: (1) their efforts to coordinate regulatory activities; (2) their efforts to formulate coordinated mechanisms to protect the marketplace during emergencies; and (3) the adequacy of market levels and the use of leverage by market participants.

Directs the SEC to report to certain congressional committees regarding the sufficiency of its regulatory authority to protect against market manipulation or fraud through program trading.