The Broadcasting Commission of Ireland (BCI) has reversed a temporary freeze on investors in commercial radio stations owning more than 17.9 per cent of available licences.

The move brings the Commission back to the position it held a year ago, when the maximum threshold stood at 25 per cent.

Under new rules, however, any party wishing to approach this level will need to submit a "compliance audit" for all of its existing services over a 12-month period before the BCI will make a final decision on the matter.

This compliance audit will need to be completed by any operator that wants to hold between 15 and 25 per cent of available licences.

The audit is expected to involve a close examination of how well an operator in this position is complying with BCI licence requirements in its existing radio stations.

Details of this will be finalised when the BCI issues firm policy guidance at the end of this month.

The commission's decision to lift the upper ownership threshold back to 25 per cent will be of particular interest to UTV, which has touched the 17.9 per cent barrier since buying Louth/Meath-based LM FM in June this year.

Ronan McManamy, managing director of UTV Radio Ireland, said yesterday that the firm would now "consider other opportunities that may arise" to compliment its business.

"We have always said we are keen to acquire further radio assets in Ireland," Mr McManamy said.

The new rules will also be watched closely by Denis O'Brien, who controls about 14 per cent of available stations.

These ownership percentages will change when the BCI issues new licences for special-interest markets next year. The competition for this will begin soon.

The latest BCI review also sets out a new threshold of 10 per cent for defining a "substantial interest" in a particular radio station.