As best I can tell this is the latest statement on it from the Dead.
http://www.dead.net/hotline_info/NEW_DOCUMENTS/mp3.html
My read of it is that they allow recordings made by tapers to be exchanged and used as long as no commercial gain is realized. However, recordings that were sold by their record companies, as I presume that includes the few on Round Records, are not free to share.
Strangers stopping strangers just to shake their hands