We present the energy-dependent power spectral density (PSD) and cross-spectral properties of Mkn 766, obtained from combining data obtained during an XMM-Newton observation spanning six revolutions in 2005 with data obtained from an XMM-Newton long-look in 2001. The PSD shapes and rms-flux relations are found to be consistent between the 2001 and 2005 observations, suggesting the 2005 observation is simply a low-flux extension of the 2001 observation and permitting us to combine the two data sets. The resulting PSD has the highest temporal frequency resolution for any AGN PSD measured to date. Applying a broken power-law model yields break frequencies which increase in temporal frequency with photon energy. Obtaining a good fit when assuming energy-independent break frequencies requires the presence of a Lorentzian at 4.6 ± 0.4 × 10 −4 Hz whose strength increases with photon energy, a behavior seen in black hole X-ray binaries. The cross-spectral properties are measured; temporal frequency-dependent soft-to-hard time lags are detected in this object for the first time. Cross-spectral results are consistent with those for other accreting black hole systems. The results are discussed in the context of several variability models, including those based on inwardly-propagating viscosity variations in the accretion disk
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