Faerie Conclave

• WWizards of the Coast2008-08-01
  Official Ruling
  A noncreature permanent that turns into a creature can attack, and its abilities can be activated, only if its controller has continuously controlled that permanent since the beginning of their most recent turn. It doesn't matter how long the permanent has been a creature.
• WWizards of the Coast2009-10-01
  Official Ruling
  Activating the ability that turns it into a creature while it's already a creature will override any effects that set its power and/or toughness to a specific number. However, any effect that raises or lowers power and/or toughness (such as the effect created by Giant Growth, Glorious Anthem, or a +1/+1 counter) will continue to apply.

Rulings via Scryfall