Proposed resolution:

This wording is relative to N4762.

1. Modify [reverse.iter.elem] as indicated:

   constexpr pointer operator->() const;
   

   -2- Returns: addressof(operator*()).Effects: If Iterator is a pointer type, as if by:

   Iterator tmp = current;
   return --tmp;
   

   Otherwise, as if by:

   Iterator tmp = current;
   --tmp;
   return tmp.operator->();