While I suspect the compliance rate is well under 5%, here's what the IRS instructions say:

1099 General Instructions 

Nominee/middleman returns. Generally, if you receive a Form 1099 for amounts that actually belong to another person, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received) for each of the other owners showing the amounts allocable to each. You must also furnish a Form 1099 to each of the other owners.

The only one I've ever prepared is with me as the Payer on an account where I'm primary.