Memos produced by class on rising (5)
I believe the answer is:
notes
'memos' is the definition.
(I've seen this in another clue)
'by class on rising' is the wordplay.
'by' is a charade indicator (letters next to each other).
'class' becomes 'set' (I've seen this before).
'rising' says the letters should be written backwards (going up in a down clue).
'set' put next to 'on' is 'seton'.
'seton' in reverse letter order is 'NOTES'.
'produced' is the link.
(Other definitions for notes that I've seen before include "Jots down" , "Doh, re, mi, ..." , "Sees" , "Recorded summaries" , "Paper money" .)