  One of the authors has recently propounded an SR (semantic realism) model
which shows, circumventing known no-go theorems, that an objective
(noncontextual, hence local) interpretation of quantum mechanics (QM) is
possible. We consider here compound physical systems and show why the proofs of
nonlocality of QM do not hold within the SR model. We also discuss quantum
measurement theory within this model, note that the objectification problem
disappears since the measurement of any property simply reveals its unknown
value, and show that the projection postulate can be considered as an
approximate law, valid FAPP (for all practical purposes). Finally, we provide
an intuitive justification for some unusual features of the SR model.
