diff --git a/tests/textfsm_test.py b/tests/textfsm_test.py
index 022a8b6..9177e56 100755
--- a/tests/textfsm_test.py
+++ b/tests/textfsm_test.py
@@ -75,6 +75,12 @@ def testFSMValue(self):
         textfsm.TextFSMTemplateError, v.Parse, r'Value beer (boo)hoo\)'
     )
 
+    # A missing regex is a template error, not an IndexError.
+    v = textfsm.TextFSMValue(options_class=textfsm.TextFSMOptions)
+    self.assertRaises(
+        textfsm.TextFSMTemplateError, v.Parse, 'Value Required beer'
+    )
+
     # Unbalanced parenthesis can exist if within square "[]" braces.
     v = textfsm.TextFSMValue(options_class=textfsm.TextFSMOptions)
     v.Parse('Value beer (boo[(]hoo)')
@@ -265,6 +271,9 @@ def testParseFSMVariables(self):
     buf = 'Value filldown,Required Wine ((c|C)laret)'
     f = io.StringIO(buf)
     self.assertRaises(textfsm.TextFSMTemplateError, t._ParseFSMVariables, f)
+    buf = 'Value Required Beer'
+    f = io.StringIO(buf)
+    self.assertRaises(textfsm.TextFSMTemplateError, t._ParseFSMVariables, f)
 
     # Values that look bad but are OK.
     buf = (
diff --git a/textfsm/parser.py b/textfsm/parser.py
index c00c976..07efb96 100755
--- a/textfsm/parser.py
+++ b/textfsm/parser.py
@@ -305,7 +305,12 @@ def Parse(self, value):
           "Invalid Value name '%s' or name too long." % self.name
       )
 
-    if self.regex[0] != '(' or self.regex[-1] != ')' or self.regex[-2] == '\\':
+    if (
+        not self.regex
+        or self.regex[0] != '('
+        or self.regex[-1] != ')'
+        or self.regex[-2] == '\\'
+    ):
       raise TextFSMTemplateError(
           "Value '%s' must be contained within a '()' pair." % self.regex
       )