Financial Service Cloud is built on top of sales cloud as a managed package. All partner applications built on Financial Services Cloud are technically extension packages of Financial Services Cloud managed package.
Financial Services Cloud still does 3 releases a year which match with Salesforce releases. New features are continually being added to this cloud. For latest features, you can check spring’17 release notes.
Application events follow a traditional publish-subscribe model. An application event is fired from an instance of a component. All components that provide a handler for the event are notified.
A component event is fired from an instance of a component. A component event can be handled by the component that fired the event or by a component in the containment hierarchy that receives the event.