Proposed resolution (approved by CWG 2022-12-02):

Change 12.2.4.2.1 [over.best.ics.general] paragraph 1, merging it with paragraph 2,as follows:

An implicit conversion sequence is a sequence of conversions used to convert an argument in a function call to the type of the corresponding parameter of the function being called. The sequence of conversions is an implicit conversion as defined in 7.3 [conv], which means; it is governed by thus based on the rules for initialization of an object or reference by a single expression (9.5 [dcl.init], 9.5.4 [dcl.init.ref]). Implicit, except that implicit conversion sequences are concerned only with the type, cv-qualification, and value category of the argument and how these are converted to match the corresponding properties of the parameter. [Note: ... ]