§8.5.3[dcl.init.ref]/5 bullet point (5.2.2.1):
Emphases are mine
If T1 or T2 is a class type and T1 is not reference-related to T2, user-defined conversions are considered using the rules for copy-initialization of an object of type “cv1 T1” by userdefined conversion (8.5, 13.3.1.4, 13.3.1.5); the program is ill-formed if the corresponding non-reference copy-initialization would be ill-formed. The result of the call to the conversion function, as described for the non-reference copy-initialization, is then used to direct-initialize the reference. For this direct-initialization, user-defined conversions are not considered.