The official stance is that users should only download from FMOD the FMOD site currently. We allow binaries to be distributed (ie for a non engine, fmod.dll would be ok to distribute), but not the full api.
The more this happens the more unofficial sources of the API there are and then people are sourcing old versions from non official sites more often than coming to fmod.com to get updated builds, documentation, examples and support.
We have the ability to do engine licenses for people that want to distribute FMOD as a part of an engine, this is typically a commercial license.