A user-defined conversion sequence consists of an initial standard conversion sequence followed by a user-defined conversion ([class.conv]) followed by a second standard conversion sequence. If the user-defined conversion is specified by a constructor ([class.conv.ctor]), the initial standard conversion sequence converts the source type to the type required by the argument of the constructor. If the user-defined conversion is specified by a conversion function ([class.conv.fct]), the initial standard conversion sequence converts the source type to the implicit object parameter of the conversion function.
The second standard conversion sequence converts the result of the user-defined conversion to the target type for the sequence. Since an implicit conversion sequence is an initialization, the special rules for initialization by user-defined conversion apply when selecting the best user-defined conversion for a user-defined conversion sequence (see [over.match.best] and [over.best.ics]).
If the user-defined conversion is specified by a specialization of a conversion function template, the second standard conversion sequence shall have exact match rank.
A conversion of an expression of class type to the same class type is given Exact Match rank, and a conversion of an expression of class type to a base class of that type is given Conversion rank, in spite of the fact that a constructor (i.e., a user-defined conversion function) is called for those cases.