There is a new HMC level (V7R350) available
There is also new firmware! at EX350 level. I have noticed that firmware and HMC levels are simiar. More specifically, to use the features of the new firmware you must have the new HMC level.
Also note: updating to EX350 firmware for the first time is, by definition, disruptive.
(note the X in EX is one of the three firmware images for entry, middle and enterprise servers).