The Functional Mock-up Interface (FMI) (Modelica Association 2021b) is a tool independent standard for the exchange of dynamic models and for co-simulation. FMI 2.0, released in 2014, is recognized as the de-facto standard in industry for exchanging models and tool coupling, and is currently supported by more than 160 simulation tools. Version 3.0 of the standard brings many new features that allow for advanced co-simulation algorithms and new use cases such as packaging and simulation of highly accurate virtual Electronic Control Units (vECUs). Besides Model-Exchange and Co-Simulation, a third interface type, Scheduled Execution, is defined for purely discrete, RTOS-like, simulation and supports preemption. Clocks allow the synchronization of events between Functional Mock-up Units (FMUs) and the importer. There is better support for data types including binary data and arrays. Advanced co-simulation approaches are enabled by intermediate variable access between communication points and allowing event handling. The composition of systems from FMUs is simplified by terminals that can bundle multiple signals. The concept of layered standards allows the extension of the FMI standard.