Football Manager 2016 Patch 16.3.0 is officialy out and available for download through Steam plataform!
Only it is necessary to log in via Steam client and the update will be applied automatically.
This FM 2016 16.3.0 Patch is save game compatible, however if you want to use the new database (which includes all new transfers made in the latest transfer market), you should start a new save game to apply the new transfers data.
Apart from all the new transfers, it also fixes several bugs in the game. Especially on User Interface, Match Engine, Stability and Performance, Transfers, Contracts, Competitions, Training, Board, Standalone Editor, Network, Touch Mode, Versus Mode, Create a Club, Unlockables, Leaderboards and Steam Controller. You can view the full list of changes at this official post made on Steam.