Raised standard cut by a French revolutionary (3,2)
I believe the answer is:
'raised' is the definition.
(running up is a kind of raising)
'standard cut by a french revolutionary' is the wordplay.
'standard' becomes 'par' (I've seen this before).
'cut by' is an insertion indicator.
'a french' becomes 'un' ('a' in French).
'revolutionary' shows that the letters should be reversed in order.
'par' going around 'un' is 'punar'.
'punar' in reverse letter order is 'RAN UP'.
(Other definitions for ran up that I've seen before include "Sewed together quickly", "Accumulated", "significant rise".)