The most common and most likely answer to this crossword clue is the 10 letter word SPECTACLED
I've seen this crossword clue in The Times
S
P
E
C
T
A
C
L
E
D
More clues leading to the result SPECTACLED
Buddy explains!
The straight part
We know that "with rings round the eyes" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case with rings round the eyes = spectacled.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SPECTACLED mean?
SPECTACLED adjective- Wearing spectacles.
- Having the appearance of wearing spectacles, especially of animals.