2540337 - INSERT VALUES returns error when using multiple rows - SAP IQ

Running an INSERT VALUES statement with multiple rows being inserted at once returns the following error:

create table test (col1 varchar(10), col2 int);
insert into test values ('data',1), ('moredata',2);

Could not execute statement.
Remote server does not have the ability to support this statement
SQLCODE=-706, ODBC 3 State="HY000"
Line 1, column 1

SAP Sybase IQ 15.4

KBA , BC-SYB-IQ , Sybase IQ , Problem

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