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CONTEXT: The variable X-ray spectra of AGN systematically show steeppower-law high states and hard-spectrum low states. The hard low state haspreviously been found to be a component with only weak variability. The originof this component and the relative importance of effects such as absorption andrelativistic blurring are currently not clear. AIMS: In a follow-up of previousprincipal components analysis, we aim to determine the relative importance ofscattering and absorption effects on the time-varying X-ray spectrum of thenarrow-line Seyfert 1 galaxy Mrk~766. METHODS: Time-resolved spectroscopy,slicing XMM and Suzaku data down to 25 ks elements, is used to investigatewhether absorption or scattering components dominate the spectral variations inMrk 766.Time-resolved spectroscopy confirms that spectral variability in Mrk766 can be explained by either of two interpretations of principal componentsanalysis. Detailed investigation confirm rapid changes in the relativestrengths of scattered and direct emission or rapid changes in absorbercovering fraction provide good explanations of most of the spectralvariability. However, a strong correlation between the 6.97 keV absorption lineand the primary continuum together with rapid opacity changes show thatvariations in a complex and multi-layered absorber, most likely a disk wind,are the dominant source of spectral variability in Mrk 766

The Variable X-ray Spectrum of Markarian 766 - II. Time-Resolved Spectroscopy