Nintendo has released update 11.3.0-36. It patches safehax, so if you do not have CFW installed, do not update if you wish to install it (instructions can be found here). Without CFW, updating will prevent you from using save editors like PKHeX or ROM hacks until homebrew is updated.
Update: PKHeX has been updated yet again to version 17.01.31, implementing further improvements to overall system stability and other minor adjustments have been made to enhance the user experience.
The previous update 17.01.30 features few minor improvements and bug fixes, as detailed below.
The previous update 17.01.28 brings in support for migrated Virtual Console and previous-Gen Pokemon, through Bank, into Sun and Moon.
According to the Japanese Pokémon Global Link website as reported by Serebii.net, thousands of people (5,954 to be precise) have been hit with bans from Online Play (Game Sync, Battle Competitions, Rating Battles, Global Missions).
Banned users will see error code 090-0212.[1,2]
The Pokémon Company has announced that they will continue their pursuit against people with edited save data.[1,2]
We urgently recommend not going online until we have more information on how these bans were triggered.