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The Software Metering (SWM) client agent must be configured correctly in order to perform, set up a SWM server, and configure the Tool itself. The client machine itself holds no configurable aspect of SWM. All the client agent configuration is done through the MMC Systems Management Server Administrator Snap-In. The client machine does hold the SWM agent, Licclint.exe (32-bit) Liccli95.exe (16-bit).
However, there are several SWM components installed on the client. The first is the agent (or .exe) itself. The second is the adding of the SWM directory structure. You can observe this by the LICMTR directory located as a sub-directory of %windir%\ms\sms\clicomp. This is where the SWM agent's .exe file will be stored along with the client's SWM data files.
Finally, two registry keys are added on the client:
HKEY_LOCAL_MACHINE\Software\Microsoft\SMS\Client\Sites\<site code>\LICENSE_METERING - which indicates where the SWM license servers for the site reside (the client has randomly picked these),
HKEY_LOCAL_MACHINE\Software\Microsoft\SMS\Client\Client Components\LICENSE METERING - which is the component information for the client.