  We have analyzed the timing properties of the Narrow-line Seyfert 1 galaxy
Mrk 766 observed with XMM-Newton during the PV phase. The source intensity
changes by a factor of 1.3 over the 29,000 second observation. If the soft
excess is modeled by a black body component, as indicated by the EPIC pn data,
the luminosity of the black body component scales with its temperature
according to L ~ T^4. This requires a lower limit 'black body size` of about
1.3*10^25 cm^2. In addition, we report the detection of a strong periodic
signal with 2.4*10^-4 Hz. Simulations of light curves with the observed time
sequence and phase randomized for a red noise spectrum clearly indicate that
the periodicity peak is intrinsic to the distant AGN. Furthermore, its
existence is confirmed by the EPIC MOS and RGS data. The spectral fitting
results show that the black body temperature and the absorption by neutral
hydrogen remain constant during the periodic oscillations. This observational
fact tends to rule out models in which the intensity changes are due to hot
spots orbiting the central black hole. Precession according to the
Bardeen-Petterson effect or instabilities in the inner accretion disk may
provide explanations for the periodic signal.
