SAP Information Steward 4.0 is one of the sophisticated Data Profiling & Metadata management tool. From SAP it is separate license for BI/IPS & Information Steward. EIM package BI4.0/IPS4.0, BODS4.0 is required to successfully run Information Steward 4.0. For details please refer the PAM from SAP protal.
In version 4.0 release, the Code promotion option is not available in LCM or in Upgrade management tool. The alternate solution currently to handle the Code promotion scenario in normal implementation setup like DEV/QA/PROD is to logically group the projects in Information Steward box and create your Profile & Rule objects. Once the rule objects is tested & approve then this can be used accross projects.
In the next release of Information Steward 4.1 this is addressed to upgrarde the Objects from Information Steward 4.0.