The ITC claimed the European news channel had breached its sponsorship regulations, which rule that news and current affairs programmes must be editorially independent.
However, CNBC Europe has said it will seek a judicial review, claiming the ruling breaches the EU's Television Without Frontiers ruling. The channel maintains that the ITC must work within the regulations of this directive.
Rick Cotton, the president and managing director of CNBC Europe, said: "The ITC's decision hangs out a 'not welcome' sign in the UK for pan-European news channels."
The ruling could have ramifications for the other pan-European channels ahead of the introduction of Ofcom.
Separately, the ITC has dismissed 88 complaints that a Walkers Crisps Comic Relief ad, through Abbott Mead Vickers BBDO, was in poor taste.
The ad showed Gary Lineker creeping up on celebrities eating crisps, only to be repelled by them as they appear to break wind. The ITC ruled that the ad was comically executed, with the charitable aim of the advertising meaning it was unlikely to cause significant offence.