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The changing-look Seyfert 1.5 galaxy Mrk 530 (z=0.0295) displays a plethora ofcharacteristics each of which demands further investigation. However thebright (CR_pn ~ 6-26 cps) AGN has never benefited from a deep XMM-Newtonobservation. Analysis of archival Suzaku and XMM data reveal peculiar spectralvariability multiple narrow emission features in the Fe Kalpha band that appearvariable and a possible ultrafast outflow. With the proposed 120 ks observationwe will examine the rapid variability for the first time confirm features andvariability in the Fe Kalpha band and test physical continuum models thatdescribe the soft excess. Mrk 530 is an important target that can tacklenumerous AGN studies and this first deep XMM-Newton observation will pave the way for targeted studies. [truncated! Please see actual data for full text]