Do EU passenger rights also apply on flights which are operated as a code-share with a non-EU based airline?

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I am turning part of my answer on question What rights do passengers have when flights in the USA are delayed?, into a new question.
The EU made very elaborate passengers rights on EU-based airlines. These rights apply as soon as you fly with such an airline, but do the rules still apply if you booked with an EU-based airlines, but the flight is operated under code-sharing with a (non-EU) partner airline?
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Who does EU261 apply to?
EU Regulation 261 applies to all UK or EU regulated flights. This means it covers all flights departing from a UK or EU airport regardless of the airline you are travelling on.What does it mean when an airline is operated by another airline?
It's an arrangement whereby one airline provides an aircraft, crew, maintenance, and insurance to another airline, which pays by the hour. Wet leasing is often used by airlines with smaller fleets when they need aircraft to meet seasonal or sudden demand peaks.What are air passenger rights?
Air passenger rights involve specific laws that support travelers and advocate for protection and compensation when people face flight disruptions. The situation varies from country to country. In the USA there are some regulations related to situations such as overbooked flights and tarmac delays.Can an airline refuse a passenger?
Yes unfortunately airlines can refuse boarding or remove a passenger from a plane for any reason at all. Even of the passenger has paid full fare for the ticket. Passengers do not have many rights when it comes to being on an airline.Flight delay or cancellation? Your air passenger rights!
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
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