Warren S. Shantz, 75, who had been active for many years in financial and banking circles, died April 14 at his home in Rockville after a heart attack.

He had worked for the Securities and Exchange Commission from 1956 until 1968, and then had been a consultant to the board of governors of the Federal Reserve System until retiring about five years ago.

Mr. Shantz had started his career as an authority on securities and security law with the former Harriman and Company in Washington in 1922.

He became associated with Auchincloss, Parker and Redpath here in 1933, and vie years later moved to the firm's New York office, where he remained until 1949.

Returning to Washington, Mr. Shantz joined George Ferris and Company, working there until 1952. He then was a committing magistrate in Silver Spring for three years.

Mr. Shantz was born in Aberdeen, S.D., and came to Washington as a young man. In the 1930s, he participated as a recreational director in the D.C. public schools.

A resident of Washington Grove for a number of years, he had been active in recreation and civic groups there. He moved to Rockville in 1965.

Mr. Shantz was a charter member of Christ Lutheran Church in Bethesda where he had been superintendent of the church school.

He is survived by his wife, Rosalie Hardy Shantz, of the home; a daughter, Mrs. Willaim McCleary, of Karon, Ohio; two sisters, Mrs. Carl Donaldson of Wheaton, and Mrs. Ronald Kibilosky, of Olney, and two grandchildren.

The family suggests that expressions of sympathy be in the form of contributions to the Heart Fund.